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NZD/USD Technical Bias Bearish, Dow Jones Brushes off Coronavirus

NZD/USD Technical Bias Bearish, Dow Jones Brushes off Coronavirus

Daniel Dubrovsky, Strategist

New Zealand Dollar, NZD/USD, Coronavirus, S&P 500 – Asia Pacific Market Open

New Zealand Dollar Falls Ahead of RBNZ Despite Rosy Session on Wall Street

The sentiment-linked New Zealand Dollar underperformed, sending NZD/USD lower despite Wall Street ending on an upbeat Monday. Ahead of tomorrow’s Reserve Bank of New Zealand interest rate announcement, the markets may be betting on more-dovish commentary due to the coronavirus. Earlier in the day, Prime Minister Jacinda Ardern said that the Wuhan virus will impact growth.

Join me tomorrow at 00:45 GMT as I cover the RBNZ and outlook for the New Zealand Dollar!

The S&P 500 and Dow Jones closed 0.73% and 0.60% to the upside respectfully, brushing off concerns that the coronavirus may impact local growth. Market mood did improve during the Asia Pacific trading session, where the People’s Bank of China (PBOC) injected about CNY900b in reverse repos. The additional liquidity and hints to a cut in the deposit rate appeared to help cool investors’ woes for now.

Tuesday’s Asia Pacific Trading Session – Japanese Yen, Australian Dollar

The anti-risk Japanese Yen may face selling pressure should Asia Pacific equities follow the rosy North American trading session. However, S&P 500 futures are little changed after reports crossed the wires that coronavirus fatalities topped 1k and an additional 2.4k cases were reported in China on Monday. The Australian Dollar has local business confidence and conditions to stir additional volatility.

New Zealand Dollar Technical Analysis

The NZD/USD extended its downtrend from late December after prices recently took out support at 0.6454. Maintaining declines are two psychological barriers. The first is inner resistance followed by outer resistance on the chart below. Taking out the former may pave the way for a climb towards the latter but further gains will be needed to overturn the medium-term technical bearish bias.

NZD/USD Daily Chart

NZD/USD Technical Bias Bearish, Dow Jones Brushes off Coronavirus

Chart Created Using TradingView

--- Written by Daniel Dubrovsky, Currency Analyst for DailyFX.com

To contact Daniel, use the comments section below or @ddubrovskyFX on Twitter

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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