Today, the pullback has been driven by improved global risk sentiment and renewed strength in the USD. The US stocks are up sharply with the S&P index up near 2.0% and the NASDAQ index up 2.4%. Fundamentally, stronger-than-expected U.S. Consumer Confidence (98 vs. 85.7 prior) has helped to support the US dollar.
RBNZ Rate Decision (Wednesday 02:00 GMT):The expectations are for a 25 bps cut to 3.25%. The decision is largely expected and priced in. However, the Monetary Policy Statement could and commentary can always push the price action
The low price today reached 0.59391 just above the midpoint level. Also, a cluster of moving averages defined by the 200-hour moving average, the 100 and 200-bar moving averages on the 4 hour chart all come in at 0.5933.
That area will be the key barometer for both buyers and sellers. Stay above and move above the higher 100-hour moving average at 0.59574, and then the swing level at 0.5967 would tilt the bias more to the upside. Conversely, moving below the cluster moving averages would open the door for further selling.
This article was written by Greg Michalowski at www.forexlive.com. Read More Details
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