The New Zealand dollar versus the US dollar (NZD/USD) is currently at 0.7770. In simple terms, 0.7770 USD is equal to 1.00 NZD. In my technical perspective, from September of 2009 to 2010, the forex pair consolidated sideways and formed an inverted head and shoulders on an uptrend. A month after, it broke out from the said pattern until it reached a 2-year high of 0.7975.

The U.S. Dollar is trading higher at the mid-session ahead of tomorrow’s FOMC meeting. In what is probably position squaring ahead of the Fed meeting; the Dollar is posting gains against all majors. The biggest gain coming against the Swiss Franc.

Hello once again forex fans! Earlier today, I presented the recent price action of the Aussie-USD pair. Now, it’s the Kiwi’s turn to be on the spotlight. On this canvas is an update of the NZDUSD pair which I posted yesterday (kindly click here to see my blog yesterday).

U.S. equity markets are trading higher at the mid-session after a worse than expected home sales report pressured stocks early in the trading session. The sell-off was triggered by the thought that the weak housing market would derail the U.S. economic recovery. The report showed that perspective buyers left the market after tax incentives were dropped.