September 01, 2023 01:59 GMT
Pares Gains After Test Of 20-Day EMA
NZD/USD prints at $0.5975/80, the pair is up ~0.1% today.
- Broad based pressure on the greenback after the PBOC cut the forex reserve requirement ratio by 2ppts saw NZD/USD test the 20-Day EMA ($0.5987). The move higher didn't follow through and gains were pared.
- Bulls focus on a break of Aug 30 high ($0.6007) which opens the high from 10 Aug ($0.6118) and the 200-Day EMA ($0.6177). Bears look to break the low from 25 Aug ($0.5886) which opens $0.5841 (low from 10 Nov 22) and $0.5762, a Fibonacci projection.
- AUD/NZD continues to trim recent gains and now sits a touch above the 200-Day EMA ($1.0842), the pair is down ~0.2% today.
- ANZ Consumer Confidence ticked higher in August rising 1.6% M/M to 85.0.
- Ahead of this evening NFP print wider swings in risk sentiment will be the main driver of NZD.