NZD/USD: better bid post FOMC minutes, eyeing 0.7280 resistance

NZD/USD has been riding the bid yet again on a weaker dollar.

NZD/USD is currently trading at 0.7267 with a high of 0.7272 and a low of 0.7203 as a result of the FOMC minutes overnight.

FOMC minutes: hawks balanced with doves - Socgen

The FOMC's minutes come in stark contrast to the otherwise hawkish commentary from some Fed officials since the last meeting where the statement suggested that the Fed expected that external risks to the economy had diminished. Elsewhere, the bird has been supported on better than expected results in both the GDT price index this week and the jobs data.

How volatile has NZD/USD been?

Hourly 2-Standard Deviation Volatility Bandwidth is currently 66 pips, and has been shrinking, while the ATR (14) is currently 21 pips. Daily 2-Standard Deviation Volatility Bandwidth is at 341 pips and expanding. The average movement for the current hour has been for 21 pips per hour, over the last four weeks. Meanwhile, 21:00-22:00 GMT represented peak for volatility, with an average movement of 60 pips over the same period.

What price levels and patterns have to be considered?

Spot is presently trading at 0.7264, and next resistance can be seen at 0.7273 (Daily High), 0.7281 (Monthly High), 0.7281 (Weekly High), 0.7307 (Annual High) and 0.7307 (YTD High). Support below can be found at 0.7262 (Daily Classic PP), 0.7252 (Daily Open), 0.7250 (Daily Low), 0.7246 (Hourly 20 EMA) and 0.7228 (Hourly 100 SMA).