NZDUSD may have room to grow in the short term if there are signs that the RBNZ is becoming more hawkish. The current area slightly below 63c coincides with the 23.6% weekly Fibonacci retracement, but a breakout from here probably wouldn’t face significant for several cents upward except for this month’s earlier highs around 63.7c. The slow stochastic is neutral, and the price is above all four moving averages. This suggests that the upside looks promising. Although the RBNZ is this week’s main release for the Kiwi dollar, potential traders of this symbol mustn’t ignore the FOMC’s minutes or Friday’s inflation data from the USA.
This week’s key data
Bold The most important releases are indicated by this symbol.
Wednesday 24 May
- From 2:00 GMT, the Reserve Bank of New Zealand will hold a press conference and make a statement.
- 18:00 GMT: minutes of the FOMC’s meeting
Friday, 26th May
- 12:30 GMT: monthly core PCE (April) – consensus 0.3%, previous 0.3%
- 12:30 GMT: American personal income (April) – consensus 0.4%, previous 0.3%
- 12:30 GMT: American personal spending (April) – consensus 0.4%, previous nil
- 12:30 GMT: American annual non-core PCE (April) – consensus 4.1%, previous 4.2%
- 12:30 GMT: durable goods orders…
