The Kiwi pair managed to attain the downward target of 0.7160 with an attempt to surpass it, to support the odds of extending the bearish wave on the longer-term basis, noting that the next negative station reaches 0.7110, which breaking it represents the key to rally to test 0.7000 barrier.
The commodity complex was stead ahead of Fed Chairman Powell’s speech and the February nonfarm payroll report on Friday whether expectations have been tempered by recent data.
Powell explained that for the foreseeable future, the Fed is going to deliberately sit behind the curve and about recent fixed income moves, he did note that the Fed would be concerned if financial conditions tightened notably.
Nevertheless, there are no indications that the Fed was alarmed by the market volatility, but he hinted that the Fed could take action if needed.
Meanwhile, in recent trade, New Zealand has issued a tsunami warning for some north island coastal areas.
The bearish trend remains dominant in the upcoming sessions conditioned by the price stability below 0.7185 and 0.7225 levels. The expected trading range for today is between 0.7100 support and 0.7200 resistance.
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