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Firms, AUD/NZD Below 200-Day EMA

NZD

NZD/USD prints $0.6180/85, up ~0.2% yesterday.

  • The pair firmed through yesterday's European session, as broad based USD weakness was seen with bids in EUR and GBP spilling over. The rally extended on weaker than forecast US data.
  • Resistance was seen above $0.62, and the NZD pared gains to deal at current levels as US Equities retreated from session highs.
  • Despite yesterday's rally the technical downtrend continues, bears target $0.60, round number support. Bulls first look to break the 20-day EMA at $0.6272 to turn the tide.
  • AUD/NZD technical flows may have helped drive NZD's relative outperformance. The cross fell ~0.4%, breaking below its 200-Day EMA ($1.0914) to last print $1.0875/85.
  • Cross asset wise; S&P500 was down ~0.3% and DXY was ~0.3% firmer. US Treasury Yields were little changed across the curve.
  • On the wires shortly we have Jan Building Permits, there is no estimate and the prior read was -7.2%.
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