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Narrow Ranges In Asia

NZD

NZD/USD sits at $0.6050/55, ~0.1% firmer this morning.

  • Kiwi has observed a narrow $0.6050/60 range for the most part this morning. The pair ticked marginally higher after the PBOC’s Yuan fixing however the move did not follow through and gains were pared.
  • Bulls immediate focus is on sustaining a break of the 200-Day EMA ($0.6262) targeting 21 Nov high ($0.6086). A break through here opens $0.6168, 61.8% retracement of Jul-Oct bear leg and $0.62 handle. On the downside bears focus on a break of the $0.60 handle to target the 20-Day EMA ($0.5973).
  • AUD/NZD is little changed this morning, the cross remains well within the $1.08/09 range observed for the most part of November.
  • A reminder that the NZ Government Coalition will look to narrow the RBNZ's remit to focus on price stability. PM-Elect Luxon noted that his first economic job is to get inflation controlled.
  • Looking ahead the docket is empty in NZ until Wednesday's RBNZ monetary policy decision.
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