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Kiwi bulls made pips rain on Friday after taking a chill pill for most of last week.
Will we see a livelier price action this week?
Here are catalysts you need to pay attention to if you’re trading the comdoll:
Business confidence reports
- Traders pay attention to business sentiment reports because the Reserve Bank of New Zealand (RBNZ) considers them in its policy announcements
- NZIER business confidence (July 6, Asian session) is seen “improving” from -70% to -60% in Q2 2020
- ANZ business confidence (July 9, 1:00 am GMT) worsened from -33.0 to -34.4 in May
Market risk sentiment
- Coronavirus cases, death rates, and their impact on the reopening of economies will continue to affect market risk appetite
- Vaccine and stimulus headlines will also influence the prices of high-yielding currencies like NZD
- There are only one or two top-tier reports on tap so it’s likely that risk sentiment will drive the comdolls’ intraweek trends (or ranges)
Technical snapshot
- Stochastic thinks the Kiwi is “oversold” against ALL of its major counterparts on the daily time frame
- NZD is on bullish trends against its major counterparts except on AUD/NZD, which could see retracements and reversals as Aussie bulls fight back
- NZD saw the most volatility against the safe havens and the euro in the last seven days
