NZD/USD fails around 0.7300 as RBNZ appoints new Governor

• The Royal Bank of New-Zealand appointed Adran Orr as new Governor. 
• The NZD/USD is facing resistance at the 0.73 handle as the greenback gains some traction.

The NZD is trading at around 0.7283 down 0.2% on Tuesday so far as the Greenback is having a small boost from the easing of tensions regarding a trade war between the US and China. “So President Trump was bluffing: as we expected, the threat of a US-China trade war has deescalated. This is becoming a clear pattern of negotiation. Trump talks tough, and then backs down behind the scenes.” notes Peter Rosenstreich from Swissquote.  

Over in New-Zealand, the Reserve Bank of New-Zealand (RBNZ) has appointed a new Governor: Mr. Adrian Orr. He worked previously as head of economics and deputy governor at the Reserve Bank of New-Zealand. Read details here. 

Traders will keep a close eye on the US Gross Domestic Product (GDP) and the Personal Consumption Expenditure (PCE) releases, which are both important key indicators that may influence the Federal Reserve in the rate hike projection as according to analysts at Swissquote, the US rate hikes are already priced in and the Fed needs to see acceleration in the US growth. 

NZD/USD daily chart

The NZD/USD bulls have found some resistance at the 0.73 handle which coincides with the 50-period simple moving average. Support is seen at 0.7240 previous demand level; followed by the 0.72 handle 40 pips lower which acted as support for the last 2 months. If the bulls manage the breakout above 0.73, the next scaling point are seen at 0.7350 and 0.7440 last swings high. 

NZD/USD 1-hour chart

The NZD/USD is trading above its 100 and 200-period simple moving average and is currently in a bull channel characterized by higher highs and higher lows. The bull trend on the hourly chart stays in effect as long as the market doesn’t break below the 0.7232 swing low. Support is seen at the 0.7260 level which is the intraday swing low and a break below this level might open the gates to the 0.7240 level with the 100 and 200-period simple moving average. Intraday resistance is seen at 0.7280 supply level and at the key handle of 0.73.