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After taking a beating last week falling nearly 3.5 percent, the NZDUSD was the highest riser on Monday locking in solid gains against the under-pressure US Dollar.
The NZDUSD is up by 1.74 percent at the time of writing after having set new daily tops in the American session.
The NZDUSD is retracing its losses after last weeks Reserve Bank of New Zealand (RBNZ) meeting minutes lead to increased speculation over the use of negative rates to help stimulate the local economy.
In contrast, both the US Federal Reserve and the Reserve Bank of Australia have ruled out using such methods, pressuring the Kiwi Dollar towards the monthly low of 0.591.
Traders are now eyeing the release of the Q1 producer price index as an indicator for near term inflation and monetary policy by the RBNZ. Bulls are looking for stronger than expected figures in order to deter further monetary stimulus, which would weigh on the value of the NZD.
From a technical perspective, the NZDUSD is currently testing the short-term moving average. A move above it will likely see strong selling pressure back towards the 0.236 Fibonacci retracement level at 0.60124.
Should the NZDUSD manage to hold above the 0.60348 level, the next test will be the 0.60559 resistANCe mark. However, for the time being, momentum remains in favor of the bears as indicated by the MACD.
(Chart Source: Tradingview 18.05.2020)
Given the already large gains made today, it may be prudent to wait and see the price action in the run-up to the resistANCe point as an indicator for any strong reversal selling. Traders may look to enter cautious short positions at current levels.
Disclaimer: This material has been created for information purposes only. All views expressed in this document are my own and do not necessarily represent the opinions of any entity.
本文标题：GOLDWELL：Daily Market Recap - NZDUSD
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