- The pair flies towards a wall of resistance.
- All eyes are on the RBNZ and critical US data this week.
The NZD / USD it remains flat on the day as it heads into the Asian session, having traveled between a low of 0.7013 and 0.7049 overnight.
Traders are looking forward to tomorrow’s Reserve Bank of New Zealand event, where a dovish result could weigh on the pair.
Meanwhile, the US data is also focused on retail sales and the consumer price index (CPI) highlights the calendar, both of which could shake the markets a bit.
” The CPI probably skyrocketed, and this time not just because of energy prices. We caution against extrapolation, but the main reading will likely be driven by a rebound in travel-related prices, especially for airfares, hotels and used cars, ” explained TD Securities analysts.
” We also see some upside risks for rents. Changes in seasonal factors could also be a source of strength, with a recovery later in the year. ”
NZD / USD technical analysis
Meanwhile, there is a convincing downward bias in the weekly and daily charts according to the market structure:
Weekly chart
Daily chart
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