NZD/USD
Technical Charting Summary: The Kiwi recently rejecting lows below 69 cents has been a positive sign for bulls looking to stay in charge of this trade, as the US dollar also lost ground post a dovish FED. Bulls also cheered the Chinese headlines with significant weekly losses and Australia being in headlines for Covid woes.
The 4 hour time frame pictured below shows the recent consolidation on the pair, and volatility around the 70 cent mark, as investors wait for near-term direction, weighing up recent declines in the Confidence Index against prospects for inflation cooling in the US and possibly then a weaker US Dollar
towards year-end. The chart illustrates key resistance areas bulls could target to build positions above 70 cents, with the first being confirmation of a break, close above 70.472c and then 70.986c.
Until we see a break of these areas, markets could remain undecided for a short time longer.