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NZD/USD Briefly Trades Back Above 0.6200, NPC Wraps Up Today

NZD
  • NZD/USD pushed higher on Friday tapping 0.6217, levels not reached since Feb 22. The move was driven by US employment data however was then quickly reversed with the pair closing back towards the lower range for the day at 0.6176. The BBDXY finished down 0.14% on Friday and 1.03% lower for the week.
  • The NZDUSD is now trading right in the middle of sideways consolidation that has lasted for over a year, with little direction. Key levels to watch: Initial resistance at 0.6217 (Mar 8 high), a break above opens a move to the 0.6250 area (Jan 15 high). Initial support at 0.6161 (Mar 8 lows), below here, 0.6140 (20-day EMA). Currently, the 20-day & 50-day EMAs are at 0.6140/0.6135.
  • Option expiries, there are US$1.262b of NZD Puts at a strike of 0.6175-0.6185 expiring between Mar 11th and March 14th.
  • Looking ahead, REINZ House Sales data is expected out over the coming days although no set time for it. The NPC meeting in China will wrap up on Monday with President Xi giving a speech and RBNZ Orr will speak in London of March 12 & 13th.
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