NZD/USD Price Forecast: Finds bids below 61.8% Fibo retracement
The New Zealand Dollar (NZD) recovers half of its early losses against the US Dollar (USD), but is still 0.17% down at around 0.5770 during the European trading session on Tuesday.
The New Zealand Dollar (NZD) has shown signs of recovery against the US Dollar (USD) during the European trading session on Tuesday, but remains under pressure due to the outperformance of the US Dollar. The US Dollar Index (DXY) is up 0.15% at near 99.62. Analysts at ING have revised their view to a 25 basis point Federal Reserve rate hike in September following Chair Kevin Warsh's address at the Jackson Hole symposium, and believe that the current data supports this decision.
In the daily chart, NZD/USD is trading at 0.5769, holding below the 20-day Exponential Moving Average (EMA) and the mid-Fibonacci retracement band around 0.5808. The RSI is near oversold territory at 33, indicating that downside momentum persists but may be nearing a point of fatigue.
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