NZD/USD rotates after touching the top of a month-long range.
The MACD has given a sell signal at the same time, indicating the chance of a move lower.
A move down to the floor of the range is possible subject to fundamentals.
The New Zealand Dollar trades flat against the US Dollar on Monday, after touching the top of a multi-week range, as traders bide their time ahead of the release of US Consumer Price Index (CPI) data on Tuesday.
The release could impact expectations of when the Federal Reserve (Fed) is expected to cut interest rates. Since lower interest rates or the expectation of lower rates is negative, the data is likely to impact US Dollar pairs, including NZD/USD.
NZD/USD rotates after touching range ceiling
The NZD/USD pair rose up to a peak of 0.6218 on Friday hitting the top of a range that unfolded during February. The price then withdrew and fell back down as technical traders shorted the pair, forming a bearish Shooting Star Japanese candlestick pattern on the 4-hour chart (circled)
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