NZD/USD: consolidates on 0.73 ahead of RBNZ and US elections

Currently, NZD/USD is trading at 0.7311, down -0.22% on the day, having posted a daily high at 0.7358 and low at 0.7293.

NZ revised up their Q3 CPI from +0.2%/qtr and +0.2%/yr to +0.3%/qtr and +0.4%/yr last night due to a "Manual processing error," but analysts at TD Securities argued, "Doesn't impact the likelihood of the RBNZ cutting on Thursday." For that and in stark contrast to the Fed, the bird is struggling to continue with upside momentum and consolidates the rally from late October lows and the 0.71 handle.

US Dollar clinches highs near 97.80

The nonfarm payrolls report also underpins dollar strength, but of course, the focus now is on the US elections and the FBI u-turn is a huge positive for the Clinton campaign. 

USD: FBI provides last minute boost for Hillary Clinton – MUFG

NZD/USD levels

With spot trading at 0.7310, we can see next resistance ahead at 0.7313 (Hourly 20 EMA), 0.7322 (Daily Classic PP), 0.7339 (Monthly High), 0.7339 (Weekly High) and 0.7341 (Yesterday's High). Support below can be found at 0.7304 (Daily Classic S1), 0.7299 (Yesterday's Low), 0.7293 (Daily Low), 0.7281 (Hourly 100 SMA) and 0.7280 (Daily Classic S2).