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Consolidates Above $0.62 On Tuesday

NZD

NZD/USD prints at $0.6210/15, the pair rose ~0.3% yesterday.

  • The pair consolidated above $0.62, dealing in a narrow range for the most part on Tuesday.
  • NZD/USD marginally extended gains alongside bid in US Equities, however gains were pared after meeting resistance at the 200-Day EMA ($0.6228).
  • Bulls target a break of the 200-Day EMA, from here they can target the high from 20 July ($0.6308). Bears target a break of Monday's low ($0.6164) which opens the low from 29 June ($0.6051).
  • AUD/NZD firmed above the $1.09 handle as expectations of further Chinese measures to support domestic demand boosted the AUD.
  • Cross asset wise; BBDXY was ~0.2% lower and S&P500 rose ~0.3%. US Tsy Yields were ~1bp firmer across the major benchmarks.
  • The domestic data docket is empty today. Across the Tasman Australian Q2 & June CPI crosses, AUD/NZD flows may come to the fore.
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