NZD/USD treads water around 0.6215-20 amid early Thursday, following its rebound from a three-week low. In doing so, the Kiwi pair struggles for clear directions, while justifying the mixed options market signals, after snapping a two-day losing streak on Wednesday.

That said, a one-month risk reversal (RR) of the NZD/USD price, a gauge of the spread between the call and put options, printed a mild daily gain to +0.070 by the end of Wednesday’s North American session. With that, the daily RR marked the first positive print in three.

However, the weekly RR still snaps the four-week uptrend with a -0.035 figure at the latest.

It should be noted, though, that the monthly options market signals are well in support of the NZD/USD bulls as the RR prints positive figures for the third consecutive month so far, up to 0.015 by the press time.

Also read: NZD/USD rebounds on risk-on sentiment amidst mixed US inflation data