NZDUSD Awaits Fed/RBNZ Clash
Will NZDUSD make a fresh push higher, or is the current pullback more than corrective? This month's principal event-risk is out of the way for now (ECB meeting & Fed minutes), making way for earnings release into the next 10 days to take the slack from the data vacuum. But January 29 promises to be a high-volatility day when both the Fed and RBNZ are due to announce policy decisions one hour apart from each other. Last month, RBNZ president Wheeler said "the key rate will probably need to rise 225 basis points (2 ¼%) over the next 2 ¼ years”. The Fed is anticipated to go for another taper. What does it mean for NZD--currently the highest performing currency year-to-date? NZD's neckline support looms near 0.8100, while USD eyes its 55-WMA after bouncing off its 100-WMA.
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