NZDUSD could have significant gains in the medium-term if the RBNZ shows signs of hawkishness this week. The current area slightly below 63c coincides with the 23.6% weekly Fibonacci retracement, but a breakout from here probably wouldn’t face significant for several cents upward except for this month’s earlier highs around 63.7c. Indicators also favor the upside, with the slow stochastic at neutral and the price over all four moving averages. Although the RBNZ is this week’s main release for the Kiwi dollar, potential traders of this symbol mustn’t ignore the FOMC’s minutes or Friday’s inflation data from the USA.
This week’s key data
Bold The most important releases are indicated by this symbol.
Wednesday 24 May
- Statement and Press Conference of the Reserve Bank of New Zealand at 2:00 GMT
- 18:00 GMT: minutes of the FOMC’s meeting
Friday, 26th May
- 12:30 GMT: monthly core PCE (April) – consensus 0.3%, previous 0.3%
- 12:30 GMT: American personal income (April) – consensus 0.4%, previous 0.3%
- 12:30 GMT: American personal spending (April) – consensus 0.4%, previous nil
- 12:30 GMT: American annual non-core PCE (April) – consensus 4.1%, previous 4.2%
- 12:30 GMT: durable goods orders…
