NZD/USD: consolidated between key breakout 4hr ma levels

NZD/USD is consolidated on the 4hr chart between the 20 sma and 200 sma on the same time frame.

The minor recovery of the downside in the Kiwi from the double top at the mid-point of the 0.70 handle is losing conviction as we head towards the end of the week while there have not been many catalysts scheduled and risk-mood remains the driver. Commodities were favourable to the price earlier in the week, but industrials have come of and oil is resisted at previous highs for the week between $46.50 and $47.00.

NZD: Continue to see a downward bias as the year progresses - BNZ

RBNZ: Willingness to cut the OCR could be limited in the short term - TDS

NZD/USD levels

NZD/USD is consolidated above the 20 sma on the 4 hourly chart at 0.6790 and recent highs of 0.6845. The bulls target the 200 sma on the 4hr at 0.6883 where the rising channel support lies in the bullish trend that established in the Jan recovery while the double top would need to be broken on the 0.70 handle for a confirmation in the trend moving higher.