New Zealand Dollar Rebounds: Analysis For USD/JPY, EUR/USD, AUD/USD, NZD/USD

USD/JPY Pulls Back From Multi-Week Highs

USD/JPY pulled back as traders took some profits off the table after the strong rally. Traders are not ready for big moves ahead of U.S. CPI data. Inflation Rate is expected to increase from 2.3% in August to 2.5% in September, while Core Inflation Rate is projected to remain unchanged at 3.2%.

In case USD/JPY manages to settle above the resistance at 149.50 – 150.00, it will head towards the next resistance level, which is located in the 153.00 – 153.50 range.

EUR/USD Is Mostly Flat Ahead Of CPI Data

EUR/USD is mostly flat as traders react to the Retail Sales report from Germany. The report showed that Retail Sales increased by 1.6% month-over-month in August.

If EUR/USD climbs back above the 1.0950 level, it will head towards the nearest resistance at 1.1000 – 1.1015. RSI is in the oversold territory, so the risks of a rebound are increasing.

AUD/USD Gains Ground Amid Rising Demand For Commodity-Related Currencies

AUD/USD gained ground as traders focused on the rebound in commodity markets. Today, traders also focused on Consumer Inflation Expectations report for October. The report indicated that Consumer Inflation Expectations decreased from 4.4% in September to 4% in October, compared to analyst forecast of 4.3%.

The nearest resistance level for AUD/USD is located in the 0.6750 – 0.6760 range. A move above the 0.6760 level will push AUD/USD towards the next resistance at 0.6815 – 0.6825.

NZD/USD Rebounds From Multi-Week Lows

NZD/USD rebounded from multi-week lows as traders took some profits off the table after the recent move. From a big picture point of view, traders will stay focused on the recent RBNZ Interest Rate Decision. New Zealand’s central bank cut the rate from 5.25% to 4.75% and delivered dovish comments, which was bearish for the New Zealand dollar.

In case NZD/USD climbs above the 0.6100 level, it will head towards the resistance at 0.6140 – 0.6150.

For a look at all of today’s economic events, check out our economic calendar.