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NZD Edges Lower On Low Volumes Ahead Of RBNZ Tomorrow

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The kiwi is lower against most G10 currencies today, as weakness in equity markets caused a drag on risk assets, while volumes are on the low side. The calendar has been light today, with just the RBA releasing minutes. Looking ahead, tomorrow the RBNZ will meet.

  • NZD/USD is trading down 0.13% and now trades just below 0.6100 at 0.6098. The pair has now failed to hold above 0.6140 for the past few session, with the 14-day RSI now coming off recent highs, however still holding well above 50. Initial resistance holds at 0.6141 (May 16th highs), while we currently trade below initial support at 0.6100, next support is 0.6071 (200-day EMA)
  • AUD/NZD is a touch lower today and we have traded in a 20-pip range making highs of 1.0931 and lows of 1.0909. The AU-NZ 2Y swap is up 3bps to -65.5bps and we near yearly highs of -60bps. Eyes will be on the RBNZ meeting tomorrow, with a dovish hold from the CB likely to see the pair move higher. Initial resistance is 1.0945 (20-day EMA), while support holds at 1.0900/05 (round number support/50-day EMA).
  • NZD/JPY is little changed today, we have traded in a 30-pip range, making lows of 95.277 and highs of 95.588. The USDJPY continues to edge back to recent highs, now trading at 156.46 vs 156.74 highs made on May 14th.
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The kiwi is lower against most G10 currencies today, as weakness in equity markets caused a drag on risk assets, while volumes are on the low side. The calendar has been light today, with just the RBA releasing minutes. Looking ahead, tomorrow the RBNZ will meet.

  • NZD/USD is trading down 0.13% and now trades just below 0.6100 at 0.6098. The pair has now failed to hold above 0.6140 for the past few session, with the 14-day RSI now coming off recent highs, however still holding well above 50. Initial resistance holds at 0.6141 (May 16th highs), while we currently trade below initial support at 0.6100, next support is 0.6071 (200-day EMA)
  • AUD/NZD is a touch lower today and we have traded in a 20-pip range making highs of 1.0931 and lows of 1.0909. The AU-NZ 2Y swap is up 3bps to -65.5bps and we near yearly highs of -60bps. Eyes will be on the RBNZ meeting tomorrow, with a dovish hold from the CB likely to see the pair move higher. Initial resistance is 1.0945 (20-day EMA), while support holds at 1.0900/05 (round number support/50-day EMA).
  • NZD/JPY is little changed today, we have traded in a 30-pip range, making lows of 95.277 and highs of 95.588. The USDJPY continues to edge back to recent highs, now trading at 156.46 vs 156.74 highs made on May 14th.