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Risk-taking was the name of the game during the Asian session, as traders focused on economies slowly re-opening and commodities rallying.

But will today’s events change the tides for the comdolls?

Before we get to NZD/USD’s setup, here are the major headlines in the last couple of hours:

Currency Snapshot

Major Forex Pairs Price Performance from MarketMilk
Major Forex Pairs Price Performance from MarketMilk

Fresh Market Headlines & Economic Data:

Upcoming Potential Catalysts on the Economic Calendar:

  • Germany’s import prices at 6:00 am GMT
  • Germany’s preliminary CPI on tap
  • Credit Suisse economic expectations at 8:00 am GMT
  • Germany, U.K., and Italy’s bond auctions scheduled today

What to Watch: NZD/USD

NZD/USD 1-hour Forex Chart
NZD/USD 1-hour Forex Chart

Upside surprises in New Zealand’s trade data and Australia’s CPI numbers helped traders shrug off talks of negative interest rates for the RBNZ.

It also helped comdolls like the Kiwi that oil AND gold prices ticked higher during the session.

With not a lot of top-tier reports scheduled during the London session, the focus could remain on overall risk appetite as well as the upcoming GDP and FOMC reports during the U.S. session.

If Uncle Sam’s GDP disappoints, then we could see risk aversion that would drag NZD/USD from its range resistance down to its .5950 support.

If the Fed’s forward guidance and outlook result in further dollar weakness, however, then NZD/USD can break above the big .6000 and aim for areas of interest closer to .6150.

Aside from all those catalysts, make sure you pay attention to any end-of-quarter flows, which would come from profit-taking ahead of the months’ end.