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Forex: NZD/USD finishes lower as consolidation on daily chart continues

FXstreet.com (Barcelona) - The NZD/USD closed the day down 20 pips at 0.8512. Earlier in the session, the NZD Labour Cost Index was released which came in at 1.8% actual vs. 1.9% estimated. Market participants will keep an eye the RBA Rate Decision due out later in the session at 4:30GMT which may have an effect on the pair. There will be a few economic releases out of New Zealand later in the week worth monitoring which include the RBNZ Financial Stability Report and Employment Change.

From a technical perspective, the pair appears to be consolidating in a large ‘pennant’ continuation pattern on the daily chart which started forming back in mid April. Keep an eye on the upper (0.8570) and lower (0.8480) which will be key levels in determining the next major move in the pair. Furthermore, price is nearing the apex of the “pennant” which means the pattern should resolve itself in the near future.

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