NZD/USD Grapples 0.7000 With RBNZ’s Inflation Expectations Survey on Deck

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Elsewhere, Crude and Brent oil prices fell despite a bullish US inventory report. The Energy Information Administration’s Weekly Petroleum Status Report revealed a 2.1 million barrel decrease in stockpiles for the week ending November 12. That was well below the forecasted 1.07 million barrel build. Crude prices fell over 4% overnight to the lowest levels since October 07.

Today’s economic docket for the APAC region is rather light, outside of the NZD inflation expectations survey, which leaves prevailing risks trends to go potentially unchecked. The Philippines and Indonesia are set to deliver interest rate decisions, with analysts seeing no change from either central bank. The RBA’s Assistant Governor, Luci Ellis, will speak at an economic forum. Her comments may influence AUD/USD.

NZD/USD TECHNICAL FORECAST

NZD/USD is attempting to retake the recently surrendered 0.7000 psychological level after bouncing off trendline support from the September swing low. A break higher will see the 100-day Simple Moving Average (SMA) shift into focus. However, a break below trendline support may open the door for prices to fall further toward October lows.

NZD/USD DAILY CHART

nzdusd

Chart created with TradingView

— Written by Thomas Westwater, Analyst for DailyFX.com

To contact Thomas, use the comments section below or @FxWestwater on Twitter

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

NZD/USD rose overnight against falling stock prices on Wall Street. The RBNZ’s inflation expectations survey is in focus as the central bank’s rate decison nears.
Read more at : https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/asia_am_briefing/2021/11/18/NZDUSD-Grapples-0.7000-With-RBNZs-Inflation-Expectations-Survey-on-Deck.html

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