The NZD/USD pair shoots to a four-month high near 0.6220 in Wednesday’s New York session.
NZD/USD refreshes four-month high near 0.6220 as softer-than-expected US CPI report boosts Fed rate-cut bets for September. Investors await the Fed ’s policy decision. The Kiwi asset sets to deliver an Inverted H&S breakout. The Kiwi asset strengthens as the soft United States Consumer Price Index report for May has boosted the Fed eral Reserve’s rate-cut bets for the September meeting, which has improved the risk appetite of market participants significantly.
A breakout move of the above-mentioned chart formation results in a bullish reversal. The 20-day Exponential Moving Average near 0.6130 continues to remain a major cushion for the New Zealand Dollar bulls. Upward-sloping 50-DEMA near 0.6085 suggests that the overall trend is bullish. The 14-period Relative Strength Index jumps into the 60.00-80.00 range. Should the oscillator establish itself in this range, momentum would lean toward the upside.
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