NZD/USD stalls at 0.6400 following strong advance on soft US Dollar
- NZD/USD advances towards a test of 0.6400 and has eyes on the 0.6450s.
- 0.6450 comes as a confluence between Aug high and the 61.8% retracement of the whole 2022 move.
NZD/USD is stalling below 0.6400 as the US Dollar attempts to correct what has been a significant move to the downside in the currency markets this week. At the time of writing, NZD/USD is down by over 1% and has fallen from a high of 105.896 to a low of 104.664 so far.
The move in the greenback has been driven by dovish remarks from the Federal Reserve’s chair, Jerome Powell, or at least the comments that the market prefers to listen to. Fed’s Powell gave a speech on Wednesday indicating that the Fed would ease the historically-high pace of interest rate rises at its next policy meeting in December.
“The time for moderating the pace of rate increases may come as soon as the December meeting,” Powell said in remarks at the…
