Sellers, quick to jump on the resulting failed head under shoulders patterns, reasserted their control over the kiwi. At the time of writing, the kiwi was heading toward its fifth consecutive day of losses. Traders are clearly unconvinced the RBNZ will be able to raise interest rates by 50 bps on an ongoing basis as it had done in April.
Aggressive Fed tightening, on the other hand, carries greater credibility now. Exactly how long that narrative will play out is up for question. Until then, on a technical basis there is certainly scope for further declines. The daily chart, which exhibits an ascending flag pattern that has broken to the downside and the descending right-angled broadening formation on the weekly time frame, open the possibility of even lower prices.
Both 0. A break below the latter would mark the potential for more protracted losses. Meanwhile, near-term confidence is unlikely to be restored unless the pair can break above 0. Empowering the individual traders was, is, and will always be our motto going forward. Contact us: contact actionforex. Sat, May 28, GMT. Contact Us Newsletters. Sign in. Forgot your password?
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Fill out the form below and a Monex market expert will connect with you shortly. Login Email Email. Daily Market Update. The U. Dollar is trading in much stronger ranges this morning following news of deals being worked out between the U. EUR The Euro is down by over half a percent after major swings across markets derived from news about the U. Behind the Masks. Digital Solutions.
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