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Approaching $0.7000

NZD

NZD/USD rose to a four-month high of $0.6998 on Wednesday, supported by an upswing in commodity prices (as measured by BCOM Index). There was little in the way of NZ-specific headline flow that could have driven price action, but broader weakness in the greenback helped push NZD/USD higher.

  • The pair last operates at $0.6977, barely changed on the day. Bulls set their sights on the psychological $0.7000 figure, followed by an ascending channel top at $0.7021 and Nov 18 high of $0.7053. Bears eye Mar 29 low of $0.6876 for initial support.
  • China's PMI data will provide interest today, before focus turns to New Zealand's CoreLogic House Price Index & ANZ Consumer Confidence, both due Friday.

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