NZD/USD is consolidating after breaking a technical help!

Will as we speak’s headlines encourage a directional transfer for the pair?

Earlier than transferring on, ICYMI, yesterday’s watchlist thought of a potential bullish reversal for GBP/USD forward of the Fed’s assembly minutes. Make sure to take a look at if it’s nonetheless a legitimate play!

And now for the headlines that rocked the markets within the final buying and selling classes:

Contemporary Market Headlines & Financial Knowledge:

FOMC assembly minutes confirmed “a number of” individuals favored 50bps fee hike

China studies magnitude 7.2 earthquake close to border with Tajikistan

Japan’s markets out on Emperor’s birthday vacation

RBNZ Gov Orr: “It could take a big upside inflation shock from the place we’re” to place 75bps fee hikes again on the desk

Financial institution of Korea pauses its tightening marketing campaign, upgrades GDP and downgrades inflation forecasts

Morgan Stanley ups 2023 oil demand progress estimate by 36%, flags Russia threat

European shares open larger as Nvidia forecast boosts chip shares

Eurozone’s closing CPI at 10:00 am GMT
U.Ok.’s CBI realized gross sales at 11:00 am GMT
U.S. preliminary GDP at 1:30 pm GMT
U.S. EIA crude oil inventories at 4:00 pm GMT
GfK shopper confidence at 12:01 am GMT (Feb 24)
Incoming BOJ Governor Ueda to provide a speech in the course of the Asian session

Use our new Forex Warmth Map to shortly see a visible overview of the foreign exchange market’s worth motion! 🔥 🗺️

What to Watch: NZD/USD

NZD/USD 1-hour Foreign exchange Chart by TradingView

I don’t know for those who seen however NZD/USD broke under the .6275 short-term help earlier this week.

What makes the 1-hour chart attention-grabbing as we speak is that the candlesticks are consolidating inside a symmetrical triangle sample on the chart.

NZD/USD is just not fairly on the triangle help but, however worth buying and selling under the 100 SMA and Stochastic pointing downwards after exiting its “overbought” situations opens the door to additional promoting.

I’ll be watching the .6220 triangle help zone for bullish alternatives.

If markets react to as we speak’s U.S. preliminary GDP studies by pricing in first rate progress even amidst the Fed’s fee hikes, then NZD/USD may bounce from its intraday lows to retest the triangle’s resistance.

But when as we speak’s headlines lead to threat aversion or additional USD-buying, then NZD/USD may break its triangle help and revisit areas of curiosity like .6200 or .6190.