Near Intraday Resistance

After dropping as low as 0.7008 NZD/USD recovered into the close to finish unchanged on the day. The pair last down 1 pip at 0.7057. Gains in commodity prices and some weakness in the greenback on lower treasury yields supported the pair.

Intraday resistance at April 5 & 6 high of $0.7070, having risen above the Mar 30 high of $0.7034 the 100-DMA at $0.7136 is now is focus. Minor support at $0.7034, while bears will look for a dip through Mar 25 low of $0.6943, towards the 200-DMA at $0.6883.

Elsewhere, a survey of real estate agents has found that government measures imposed in March to cool the housing market are having an effect. 11% fewer people are attending home auctions, open house visits are down 23% while new home buyers have seen a 14% increase and investors a 41% decrease. Data earlier in the session showed Auckland March average house prices rose 3% M/M, but the survey period falls before the advent of the property curbs.

A limited local economic docket today, New Zealand ANZ Commodity Prices will be released at 0200GMT/1100AEDT.