Read the 1 February NZDUSD Technical Outlook as it shows that the pair is currently rotating around 0.7370. What else is discussed in the analysis?
1 February, GKFX – NZDUSD continues sideways through Tokyo, with volatility continuing to decrease as the price stays close to the 0.7365 handle.
- Kiwi trades sideways in quiet markets
- Little encouragement in any direction ahead of London.
A lack of usable economic data for New Zealand makes for quiet markets, with the only glimmer of home field data being seasonally adjusted Building Permit numbers at 21:45 GMT. Market action for the pair through London/NY will no doubt come from knock-on market volatility as the US Dollar gets traded up or down against the broader markets, with US ISM Manufacturing and Prices reporting at 15:00, with the market-thumping NFP report dropping on Friday at 13:30.
1 February NZDUSD Technical Outlook
Price action traders will have noted the repeated inverted hammers formed this past Wednesday as well as the Wednesday before, signaling the potential for a reversal, while a neutral pennant is forming on intraday charts.
Today’s pivot points:
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