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NZD Gains Against All G10 Currencies, NZ PMI Drops

NZD
The Kiwi is up against all G10 currencies, earlier BusinessNZ PMI for March was 47.1 vs a revised 49.1 in Feb, Card Spending rose to 0.1% from a revised -2.0% while Food Prices also rose to -0.5% in March from -0.6% in Feb, looking ahead focus will turn to China Trade Balance Data due out later today. NZGBs are 4-6bps higher, while equities are 0.60% lower.
  • NZD/USD remains in a bearish channel with 20-EMA capping any moves higher, the pair is trading just above 0.6000 at 0.6006 vs highs of 0.6011. Initial resistant is at 0.6025 (20-day EMA) a break above here would open a move to 0.6047 (Apr 4 highs). Initial support is at 0.5966 (Apr 10 lows), a break here would open a move to 0.5940 (Apr 1 & YtD lows).
  • AUD/NZD tapped the 20-day EMA and initial support at 1.0876 on Wednesday and now hovers just above there at 1.0889, down 0.12%. Initial support is 1.0878 (20-day EMA), below here 1.0836 (Mar 25 low), while resistance is 1.0947 (Apr 10 highs), a break here would target 1.0957 (Apr 8 highs).
  • NZD/JPY is unchanged today, ranges have been tight with highs of 92.015 and lows of 91.837, we trade just below 92.000 at 91.962 and now have reversed about half of the post CPI move lower. The pair remains in a bullish trend while trading above 20, 50, 100 & 200-day EMA. Initial support is 91.305 (20-day EMA), while to the upside a break above 92.00 (round number resistance) would open a retest of the recent highs of 92.37 (Apr 10 highs).
  • Looking ahead, It will be quiet start to the week, with NZ CPI on Wednesday the major focus
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