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Needle Still Points North


Bearish Correction Still In Play

Kiwi Consolidates Wednesday's Gains


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.
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