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Gains Erased After Resistance Above 20-Day EMA

NZD

NZD/USD prints at $0.5955/60, the pair fell ~0.3% on Wednesday.

  • Broad based USD weakness early in the NY session after a weaker than expected second read of US GDP saw NZD/USD firm to it's highest level since 11 August.
  • The pair briefly breached the 20-Day EMA ($0.5987) and the $0.60 handle before falling ~0.8% from session highs as technical flows weighed. DXY pared losses after finding support below its 200-Day EMA.
  • Bulls focus on a break of yesterday's high ($0.6007) which opens the high from 10 Aug ($0.6118) and the 200-Day EMA ($0.6177). Bears look to break the low from 25 Aug ($0.5886) which opens $0.5841 (low from 10 Nov 22) and $0.5762, a Fibonacci projection.
  • AUD/NZD found support at the 200-Day EMA ($1.0840) yesterday before ticking higher through the session, the pair sits a touch off the top of its recent range.
  • Cross asset wise; BBDXY fell ~0.1% and US Tsy Yields were ~1bp lower across the curve. S&P500 rose ~0.4%.
  • The ANZ Business Survey for August is due today, there is no estimate for the release.
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