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​Can NZD/USD Hold This Break Of The 50-Day EMA/ ​​​

NZD

NZD/USD is around +0.75% above NY closing levels, outperforming the rest of the G10 complex. The pair last sits at 0.5855/60, just above 50-day EMA (0.5851). Last week the currency couldn't sustain a number of breaks through this resistance level. Devoid of domestic drivers, NZD appears to be taking a positive lead from the firmer regional equity tone and higher US futures (+0.3%-0.4%).

  • Commodity prices are also higher, Brent crude around +0.8% higher, while copper has gained over 1% (CMX basis).
  • These latter moves have likely helped the AUD play some catch up. After lagging NZD through the first part of the session, AUD/USD is now +0.65% firmer, last around 0.6440/45. The AUD/NZD cross is back to 1.1000, up from earlier lows near 1.0980.

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