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Kiwi Slips After Monday's Risk-Driven Rally

NZD

NZD/USD went bid into the first WMR fix of the week as improving sentiment inspired appetite for riskier currencies. The greenback went offered across the board, which helped the rate climb above $0.7000.

  • The pair has struggled to establish itself above this round figure and has probed the water below there this morning. It last sits at $0.6998, 6 pips shy of neutral levels.
  • The local docket is empty today. Looking further afield, ANZ Business Confidence comes out Thursday, while building permits & ANZ Consumer Confidence are due Friday.
  • From the technical perspective, a deeper sell-off past Jul 26/22 lows of $0.6947/46 would bring Jul 20 low of $0.6881 (key near-term support) into view. Conversely, a jump above Jul 15 high of $0.7045 would shift focus to Jul 7 high of $0.7061.
  • It is worth noting that a death cross showed on the daily chart last Friday, as the 50-DMA crossed below the 200-DMA.
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