NZD/USD bid below recent highs and key resistance ahead of the FOMC minutes

Currently, NZD/USD is trading at 0.7025, up 0.18% on the day, having posted a daily high at 0.7045 and low at 0.6989.

When are the FOMC minutes and how could they affect DXY?

NZD extended north from 0.6990 to 0.7027 during the European morning trade and then 0.7042 later in the day. London sold the kiwi as US yields picked up towards 2.30% psychological level. The build up was a mix of Moody's decision to cut China's credit rating, (Kiwi remained firm) and the better-than-expected NZ trade balance data that was supportive to the bird. The NZ annual budget is due for release during early Asian session on Thursday, but before then the FOMC minutes will be released on the hour.

Fed Minutes to be carefully examined for any information to unwind the build-up of assets – Lloyds Bank

NZD/USD levels

The FOMC minutes will be the next insight to whether the Fed will likely hike in June and months ahead, but also, markets will be looking for signs of concerns around the US political front considering the recent Comey/Trump investigations. There are Stops tipped above 0.7050/55 (0.7055, 100DMA) through 0.7047 as being Tuesday's high.  0.7088 and 0.7148 are next resistances. To the downside, 0.7020, 0.700, 0.6980 and the 50 daily sma at 0.6949 are the key supports.