Thu, Feb 09, 2023 @ 08:42 GMT

NZD/USD Extends Gains

The US dollar struggles as a slowing CPI foreshadows a dovish Fed. On the daily chart, the upward bias has remained intact after the kiwi bounced off 0.6190. The price then consolidated its gains after clearing the major supply zone around 0.6400. The 38.2% Fibonacci retracement level at 0.6330 coincides with a former swing high, making it a key level to find follow-up interest. The 50% level (0.6300) is a second layer of support. A close back above 0.6410 would open the door to the previous high at 0.6500.

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