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NZD/USD Continues Move Higher Post FOMC Move, Holds Above 0.6080

NZD
  • NZD/USD and pushed higher, after a very brief sell-off as GDP data was released, hitting a low of 0.6060, the pair has traded up since then breaking above initial resistance of 0.6080 and now trade near daily highs of 0.6098 at 0.6092.
  • Key levels to watch: We are now trading above initial resistance of 0.6080 a hold above here would open up a move to 0.6112 (200-day EMA) and a further move high would open up 0.6133 (Mar 15 highs). Initial support is now 0.6060 lows most earlier today, while a break here would open a move to 0.6025 (Mar 12 lows/YTD lows), further down would open a retest of 0.6000 (Nov 23 lows).
  • New Zealand's economy unexpectedly contracted in the fourth quarter of last year, confirming a recession and prompting speculation of earlier interest rate cuts by the Reserve Bank of New Zealand (RBNZ) due to weak growth. Despite previously signaling no rate cuts until 2025, pressure mounts on policymakers following the GDP downturn, with economists now anticipating potential cuts from the second half of 2024.
  • Looking ahead: Trade Balance data due out Friday
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