NZD/USD steady on 0.71 handle so far

Currently, NZD/USD is trading at 0.7120, up 0.07% on the day, having posted a daily high at 0.7125 and low at 0.7113.

RBNZ Wheeler: Expects inflation back in target band by Q4

NZD/USD is relatively unchanged on Wheeler's comments so far after a drift higher overnight. RBNZ Governor Wheeler is speaking to Parliament about its annual report, and while this is not coming with market-moving content at this stage, there is Q&A and that has the potential to stray into monetary policy and the NZD. So far, Wheeler has said that he expects inflation back in target band by Q$ and that the economy performing relatively well.

Analysts at Westpac explained that the bird is in a neutral state today around 0.7100 following the US dollar's rebound overnight and offered an outlook as follows:

NZD/USD 1-3 month

"The US dollar has had an impressive rise since the US election and has potential to rise further during the months ahead, not least because the Fed will probably hike in December. Against that, the NZ economy is strong and dairy prices have risen. Overall we are left with a bearish outlook for NZD/USD, targeting sub-0.70."

NZD/USD levels

Current price is 0.7120, with resistance ahead at 0.7121 (Hourly 20 EMA), 0.7122 (Daily Classic PP), 0.7125 (Daily High), 0.7137 (Weekly High) and 0.7163 (Yesterday's High). Next support to the downside can be found at 0.7114 (Daily Open), 0.7114 (Weekly Classic PP), 0.7113 (Daily Low), 0.7110 (Daily 20 SMA) and 0.7103 (Hourly 100 SMA).