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Losses Extend, NZD/USD Lowest Level Since 16 March

NZD

Pressure has extended on the NZD/USD in recent dealing, the pair has extended losses now sitting at $0.6160/65 down ~0.6% after this morning's CPI print. A reminder that headline CPI printed below expectations and that headline and non-tradeable CPI printed below RBNZ forecasts.

  • NZD/USD has broken the low from 17 April printing its lowest level since 16 March. Bears now target year to date lows at $0.6085.
  • AUD/NZD sits a touch above the 200-Day EMA ($1.0871). Resistance comes in at $1.0970, 76.4% Fibonacci retracement of the Feb-Apr bear leg, and $1.1088 the 2023 high.

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