NZD/USD Price Analysis: Hangs near daily low, still comfortable above 0.6300 mark NZDUSD Fed Inflation Technical Analysis Currencies
A combination of factors assists the USD to gain some follow-through traction and exerts pressure.
The US Dollar gains some positive traction for the second successive day and turns out to be a key factor exerting some downward pressure on the NZD/USD pair. The Federal Reserve's Senior Loan Officer Opinion Survey released on Monday eased fears of a full-blown banking crisis in the US. Apart from this, a generally weaker tone around the equity markets further benefits the safe-haven Greenback and contributes to the offered tone surrounding the risk-sensitive Kiwi.
Even from a technical perspective, the overnight sustained break through a downward sloping trend line, extending from the YTD peak touched in February, favours bullish traders. Moreover, oscillators on the daily chart are holding in the positive territory and are still far from being in the overbought zone. This, in turn, supports prospects for an extension of the recent appreciating move witnessed over the past two weeks or so. Hence, the ongoing corrective slide is likely to get bought into.
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