The post NZD/USD struggles near 0.6000 mark, seems vulnerable to slide further appeared on BitcoinEthereumNews.com.

NZD/USD edges lower on Friday amid the emergence of some USD dip-buying. Bets for smaller Fed rate cuts and Middle East tensions underpin the Greenback. Expectations for aggressive rate cuts by RBNZ further exert pressure on the pair. The NZD/USD pair attracts some sellers during the Asian session on Friday and currently trades around the 0.6000 mark, just above its lowest level since August 16 touched earlier this week.  Expectations that the Federal Reserve (Fed) will proceed with modest rate cuts as the economy remains on a strong footing help the US Dollar (USD) to stall the previous day’s retracement slide from a nearly three-month top. Apart from this, Middle East tensions, along with the US political uncertainty, benefit the Greenback’s relative safe-haven status and turn out to be a key factor exerting some pressure on the NZD/USD pair.  Adding to this, bets for a more aggressive interest rate cut by the Reserve Bank of New Zealand (RBNZ) undermine the New Zealand Dollar (NZD) and further contribute to the offered tone surrounding the currency pair. This, along with the recent breakdown below a technically significant 200-day Simple Moving Average (SMA), suggests that the path of least resistance for the NZD/USD pair remains to the downside.  That said, the lack of follow-through selling makes it prudent to wait for acceptance below the 0.6000 psychological mark before positioning for an extension of the downfall witnessed since the beginning of this month. Traders now look to the US economic docket – featuring Durable Goods Orders and the Revised Michigan Consumer Sentiment Index – for some impetus and grab short-term opportunities around the NZD/USD pair. New Zealand Dollar FAQs The New Zealand Dollar (NZD), also known as the Kiwi, is a well-known traded currency among investors. Its value is broadly determined by the health…

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Filed under: News - @ October 25, 2024 1:25 am