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NZD Rallies For The Third Day


Despite having hiccups in Thursday's Asia-Pac hours, NZD/USD recoiled later in the day, as the Kiwi clung to the coattails of AUD (bolstered by firmer gold & iron ore) and benefited from improving risk appetite and reported momentum demand. The rate gained for the third consecutive day, but fell short of testing the $0.6700 mark.

  • NZD/USD sits at $0.6685 at typing, near neutral levels. The high of Jul 31 at $0.6716 provides the initial bullish target and a break here would expose Dec 31, 2019 high of $0.6756. Bears need the rate to turn its tail and retreat under Aug 3 low of $0.6575 before taking aim at $0.6532/28, which cushioned losses on Jul 15-20.
  • Looking into next week's NZ docket, flash ANZ Business Confidence comes out on Monday, card spending figures hit on Tuesday. Then focus moves to the RBNZ's MonPol decision, due Wednesday. FPI & BusinessNZ M'fing PMI conclude the week on Friday.
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