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.