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Ebbs Lower, Familiar Range Intact

NZDJPY

NZD/JPY remains stuck between Y73.00 and Y74.00, having traded sideways this month. The pair has ticked lower at the start to the week, but still sits comfortably within that range.

  • Downside pressure has been generated by broader risk aversion, linked to the continued Brexit deadlock, the spread of a new coronavirus strain across the UK. In addition, the renewed outbreak of Covid-19 in Sydney could endanger setting up the two-way trans-Tasman travel bubble.
  • The news that U.S. congressional leaders have agreed on a $900bn stimulus package may have limited losses to some degree.
  • NZD/USD last changes hands -18 pips at Y73.49. Bears look for a break under Dec 16 low of Y73.22 before taking aim at Y73.08, which limited losses earlier this month. Meanwhile, a break above round figure/Dec 11 high/Dec 2 high of Y74.00/01/04 would allow bulls to regain control.
  • New Zealand's credit card spending for the month of November hits the wires today.
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