The NZD/USD is falling back towards 0.5800 as investors broadly turn back into the US Dollar (USD) ahead of the Federal Reserve's (Fed) upcoming rate call on Wednesday.
The NZD/USD is falling back into near-term congestion as markets pick up the US Dollar. Kiwi traders keeping a look out for Tuesday'sNZ labor figures. Broad markets are looking to Fed's Wednesday showing. Before that, late Tuesday sees the latest labor and unemployment figures for New Zealand, followed by a speech from Reserve Bank of New Zealand Governor Adrian Orr.
However, a better-than-expected reading for economic activity figures could see the RBNZ given enough room to further tighten monetary policy, which could bolster the NZD. NZD/USD Technical Outlook With the Kiwi trading back into 0.8500, downside technical support is thinning quickly, and the levels to watch will be last week's downswing into 0.5772, and a break beyond this level will see the NZD/USD making a run for last October's trading territory, near 0.5700.
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