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NZD/USD Back Above 0.6100

NZD

NZD remained within tight ranges of 20 pips post the Asian session on Friday, before breaking above 0.6100 after S&P Global US Manufacturing PMI data. The Kiwi is finished the week down 1.45% vs the USD to be the worse of the G10 currencies while the BBDXY was just 0.02% lower for the same period.

  • NZD/USD looked to have found a floor late Thursday and throughout the Friday session, unable to break below 0.6080 after multiple attempts. The pair then broke back above 0.6100 post MNI Chicago PMI to hit highs of 0.6112 finishing the week off at 0.6107, the weekly close above 0.6100 could signal a further move higher. There is very little on the NZ calendar for the coming week, while the US has PMI data out on Wednesday. As trading gets underway on Monday, NZD/USD tested the Thursday and Friday highs of 0.6112 briefly, however has so far been unable to break above.
  • Key levels to watch, initial support at 0.6080 (Feb 29 & Mar 1st) below here 0.6064 (Jan 23 lows) while a break of those levels opens up a retest of the yearly lows at 0.6050. To the upside, initial resistance at 0.6112 (Feb 29 highs) above here and break above opens a move to 0.6140 area (20 & 50-Day EMAs).
  • RBNZ Governor Orr mentioned on Friday that the central bank anticipates commencing policy normalization in 2025 and that while inflation remained elevated it is on a downward trend however reiterated that monetary policy needs to remain restrictive for some time.
  • Looking ahead: it's a quiet week for Economic data with ANZ commodity Prices out on Tuesday
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