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50-DMA Continues To Provide Firm Support

NZD

NZD/USD dipped Thursday and swung to a loss on a weekly basis, as the dollar gained ahead of today's NFP report and amid a positive showing from U.S. equity markets. The ascending 50-DMA proved resilient and limited losses.

  • ANZ wrote in a note that they see the recent pullback in NZD/USD as a mere correction (see an earlier NZD bullet).
  • NZ Auditor-General launched a probe into the gov't's Strategic Tourism Assets Protection Programme, due to public concerns over lack of clarity and transparency of criteria and their application.
  • The rate last sits at $0.7158, little changed on the day. The aforementioned 50-DMA intersects at $0.7144 today and provides the initial layer of support. A break here would bolster the bearish case, opening up Jan 28/18 lows of $0.7106/0.7096. Bulls need a clearance of Feb 3 & 4 highs of $0.7225 before targeting Jan 26 high of $0.7248.
  • NZ highlights next week include inflation expectations (Tuesday) as well as BusinessNZ M'fing PMI & food price index (Friday).
  • Worth mentioning that NZ gets a day off for the Waitangi Day on Monday.
BulletMarketsForeign Exchange Bullets
BulletMarketsForeign Exchange Bullets

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