US equities gave up early gains before closing the day in the red, leaving Asia-Pacific markets with a mixed opening. Chinese stocks rose substantially on Tuesday as a result of rumors spread on social media that China would soon modify its "Zero-Covid" policy. China's tech-heavy CSI-300 increased 3.58%, while Hong Kong's Hang Seng Index (HSI) ended the day 5.23% higher.
The number of job opportunities in the US unexpectedly increased, according to figures released on Tuesday morning. According to Fed funds futures, the FOMC will raise rates by 75 basis points tomorrow. In his news conference tomorrow, Federal Reserve Chair Jerome Powell's words will be scrutinized by traders. Stocks may rise in a relief rally if there is a sign that the tightening pace should moderate.
The upward movement of NZDUSD since the low in October has slowed during the past week. Thus, a Cup and Handle motif was created. There could soon be a breakout higher. To validate the pattern, prices would first need to break above the 50-day Simple Moving Average (SMA) and overcome resistance. With the calculated move, the upside objective is located close to the 0.6099 level.
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