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NZDUSD overview 04.08.2021

NZDUSD surges on rate hike expectations.

NZDUSD under strong bullish pressure today as the result of the widespread New Zealand dollar bearishness after a drop in unemployment in the country raised expectations rate hikes could begin within weeks. The country’s central bank had said on Tuesday it would soon begin consulting on ways to tighten mortgage lending standards, as it tries to control an inflated housing market – which removed any doubt that the central bank will soon start raining the interest rates. The pair is also driven up by moderate USD bearishness as the investors are awaiting the publication of the ADP employment survey, ahead of Friday’s labour market report.

Expect buyers on downward corrections.

Next resistance to watch – 0.710313

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