New Zealand Dollar trades flat amid muted market on Monday

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The New Zealand Dollar (NZD) trades flat amid a muted market mood on Monday.

The New Zealand Dollar trades little changed on Monday as markets tread water. Kiwi remains on the back foot after recent Fedspeak resurrected the chances of a rate hike. Hawkish commentary from Fed officials has set the US Dollar trending higher against the Kiwi, NZD/USD declines. The New Zealand Dollar trades flat amid a muted market mood on Monday. Most traders are waiting for bigger macroeconomic data releases scheduled for Tuesday and Wednesday before taking big positions.

8% Fibonacci retracement of the recovery from the year-to-date lows in late October and early November. The main target, however, sits at 0.5790, then 0.5773. New Zealand Dollar vs US Dollar: 4-hour Chart As long as the November 2 lows stay intact, however, a threat of a recovery and decisive break above the November 3 high at 0.6001 remains, which would reconfirm the short-term bullish bias. The likely target thereafter would be the 0.6055 October high.

 

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