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Market News NZD/USD Price Analysis: Gains likely to continue towards 0.65

NZD/USD Price Analysis: Gains likely to continue towards 0.65

Fed Barkin's hawkish comments on interest rates have had no effect on the New Zealand dollar. The New Zealand Dollar has risen due to a breakout of the Bullish Pennant pattern. Range shift from the RSI (14) towards the range of 60.00-80.00 will provide bullish momentum.

Daniel Rogers

2023-01-18

10958

NZD:USD.png

In the early Asian session, the NZD/USD pair is fluctuating within a tight range near 0.6430. After reclaiming the monthly high of 0.6437 despite the market's aversion to risk, the New Zealand dollar has moved sideways. In response to Tom Barkin's hawkish remarks regarding the Richmond Federal Reserve (Fed) Bank, S&P500 futures are exhibiting more losses, indicating investors' declining risk appetite.

After a V-shaped recovery, the US Dollar Index (DXY) has turned sideways around 102.000 and is projected to extend gains under a risk-aversion theme. In addition, rising 10-year US Treasury yields would likely inject new life into safe-haven investments.

After an hour of consolidation, the NZD/USD pair has broken out of the Bullish Pennant chart pattern, indicating a continuation of the upward momentum. Typically, the consolidation phase of a chart pattern serves as an inventory adjustment during which participants initiate long positions, preferring to enter an auction only after a bullish bias has been established.

The 20-period and 50-period Exponential Moving Averages (EMAs) have resumed their upward movement at 0.6415 and 0.6401, respectively, adding to the upward filters.

In the meantime, the Relative Strength Index (14) continues to struggle to move into the bullish zone of 60.00-80.00. A similar occurrence will generate bullish momentum.

For additional gains, the Kiwi asset must surpass Tuesday's high of 0.6439, which will propel it to the high of December 15 at 0.6470, followed by the high of December 13 at 0.6514.

Alternately, a breach below Monday's low of 0.6361 will weaken the New Zealand Dollar and drive the Kiwi asset towards the low of 0.6304 on January 12th. A breach below this level will expose the asset to further losses near the December 28 low of 0.6263.