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Forex: NZD/USD upside trend intact at 0.8326/29

FXstreet.com (Barcelona) - A brief kiwi crawl that led to the NZD/USD waning towards the 0.8317 level was fortified and reversed in recent moments, resulting in a turn back to the upside. At the time of writing the pair is trading at 0.8326/29 during American trading Thursday, securing a steadfast advance of +0.73%.

Investors seem complacent about the fact that the OCR will remain unchanged “through the end of the year”. The OIS market-implied odds of a hike before year-end have been reduced to around 35%, from almost 100% prior to the recent statement on the matter. However, the associated decline in NZ-US interest rate differentials has been a key factor in dragging the NZD/USD lower.

Mataf.net analysts calculate the next resistances at 0.8331 onto 0.8346. Should the pair ultimately reverse course and move lower, the NZD/USD is slated to meet support at 0.8218, ahead of 0.8182, and finally 0.8154

The economic calendar looks extremely thin looking into this evening. In New Zealand, the lone update of note is the Visitor Arrivals (YoY) in the month of February, scheduled for 21:45 GMT.

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