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NZD/USD Again Fails To Close Above 0.6100, Trade Balance Shortly

NZD
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The Kiwi finished Thursday's session up 0.03% at 0.6099, while the BBDXY finished a up 0.14% at 1,252.53. The currency pushed higher throughout the session, before reversing those moves on the back of stronger than expected US PMI data, which indicated its sharpest growth for just over two years, driven by services, while this then trigger large equity sell programs which appeared to be profit taking after earlier reaching record highs.

  • The NZD/USD hit a high of 0.6134 before the reversal, unable to tests the prior days highs but was still a top performer amongst G10 currencies. The pair has failed three straight session to close above 0.6100, although the 14-day RSI still holds steady above 50, the MACD indictor is showing decreasing green bars.
  • Key levels to watch: Initial resistance of 0.6134 (May 23rd highs) above here we target the 0.6200/20 (round number/ March 8 high), while initial support holds at 0.6071 (200-day EMA).
  • The US-NZ 2y is unchanged at -18bps
  • Option expiries: 0.6175 (404.86m), 0.6125 (300m) 23rd NY Cut while notable upcoming strikes are 0.6100 (100m) May 24, 0.6110 (150.57m) May 24
  • Looking ahead: ANZ Consumer Confidence 0800 & Trade Balance at 0845 AEST
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The Kiwi finished Thursday's session up 0.03% at 0.6099, while the BBDXY finished a up 0.14% at 1,252.53. The currency pushed higher throughout the session, before reversing those moves on the back of stronger than expected US PMI data, which indicated its sharpest growth for just over two years, driven by services, while this then trigger large equity sell programs which appeared to be profit taking after earlier reaching record highs.

  • The NZD/USD hit a high of 0.6134 before the reversal, unable to tests the prior days highs but was still a top performer amongst G10 currencies. The pair has failed three straight session to close above 0.6100, although the 14-day RSI still holds steady above 50, the MACD indictor is showing decreasing green bars.
  • Key levels to watch: Initial resistance of 0.6134 (May 23rd highs) above here we target the 0.6200/20 (round number/ March 8 high), while initial support holds at 0.6071 (200-day EMA).
  • The US-NZ 2y is unchanged at -18bps
  • Option expiries: 0.6175 (404.86m), 0.6125 (300m) 23rd NY Cut while notable upcoming strikes are 0.6100 (100m) May 24, 0.6110 (150.57m) May 24
  • Looking ahead: ANZ Consumer Confidence 0800 & Trade Balance at 0845 AEST