Free Trial

Kiwi Consolidates Wednesday's Gains

NZD

NZD/USD climbed in sync with recovery in broader risk appetite Wednesday. Reports pointing to the proximity of a Brexit deal and a rally in crude oil prices put a bid into commodity-tied FX, thus lending support to the kiwi. However, the upswing failed to result in a breach of the prior day's range and the pair finished just shy of Tuesday highs.

  • When this is being typed, NZD/USD trades at $0.7095, barely changed on the day. A break above the upper 2.0% Bollinger band at $0.7146 would bring Dec 17 high of $0.7171 into play. Bears need a fall through Dec 21 low/round figure of $0.7003/00 before targeting Nov 23 low of $0.6897.
  • The local docket is empty during the remainder of the year.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.