NZD/USD consolidates around 0.6165-70 area/200-hour SMA as traders await Powell’s testimony – by hareshmenghani NZDUSD Fed Bonds Recession Currencies
the Asian session on Wednesday. Spot prices currently trade around the 0.6165-0.6170 region, nearly unchanged for the day, with bulls awaiting sustained strength beyond the 200-hour Simple Moving Average before positioning for any meaningful intraday appreciating move. attracts some dip-buying following the previous day's modest pullback from the 50-day SMA and is seen as a key factor acting as a headwind for the NZD/USD pair.
Market participants will closely scrutinize Powell's comments for fresh clues about the Fed's future rate-hike path. This, along with speeches by a slew of influential FOMC members, will play a key role in driving the USD demand and provide some impetus to the NZD/USD pair later during the early North American session.
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