NZDUSD takes a ride on a strong bid following an upside beat to inflation expectations. How is the pair trading today? Find out on the 14 February NZDUSD Technical Analysis.
14 February, GKFX – NZD/USD broke upwards following better-than-expected inflation expectation numbers, crossing the .07300 handle to peak at 0.7307, with the pair now receding slightly with news traders profit-taking.
The Kiwi received a boost in Tokyo trading following an upside beat to RBNZ Inflation Expectations, with data coming in at 2.1% versus the previous reading of 2.0%. The headline number shows an increase in confidence in inflation growth looking ahead two years within the New Zealand economy.
US CPI in the Barrel
The day is far from over for NZD/USD, with the US dropping high-impact CPI data at 13:30 GMT today, and the pair trading up for a fourth consecutive day following a snappy decline from recent highs.
14 February NZDUSD Technical Analysis
Intraday support for NZD/USD is priced in at 0.7270 and 0.7253 just below, while yesterday’s session high of 0.7314 is currently resistance, with 0.7345 waiting above should that level fail. Looking longer-term, the pair’s recent rejection of the 34 EMA at 0.7234 signals strong buying power in the pair, while the 200-day SMA at 0.7151 should the current level give way to selling pressure.
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