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Kiwi Ignores New Zealand's In-Line Trade Data

KIWI

NZD/USD finished a handful of pips lower Monday, as broader risk aversion sapped strength from the pair. Continued fiscal stalemate in the U.S. and rapidly deteriorating coronavirus situation dented riskier currencies, while bolstering USD. New Zealand was off for a national holiday.

  • New Zealand's trade data, released this morning, showed little deviation from market expectations.
  • The country is back from its long weekend and NZD/USD trades flat at $0.6679. Bears look for a dip through Oct 20/8 lows of $0.6553/47, which would open up Sep 24 low of $0.6512. Bulls eye Oct 23 high of $0.6705 for initial resistance and a break here would expose Sep 18 high of $0.6798.
  • On the data front, focus moves to final ANZ Business Confidence, due Thursday, and ANZ Consumer Confidence, due Friday.
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