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NZD/USD Edges Higher, Trades At Two Month High, RBNZ On Wednesday

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The Kiwi finished Friday's session up 0.18% at 0.6133, the USD was lower against most G10 currencies volumes were on the low side but there was no obvious catalyst for the weakness. The Leading indicator was released later in the session and missed target, but there was muted reaction from the markets. Today, it is another quiet session on the data front, with just China's LPR data out.

  • The NZD/USD tested 0.6100 during the European session on Friday, before paring losses to end the session at 0.6133, in Early morning trading on Monday we are unchanged. We still comfortably sit above all moving averages, 14-day RSI has ticked up to 68, while the MACD indictor is showing increasing green bars.
  • Key levels to watch: Initial resistance of 0.6158 (Feb 9 highs) above here we target the 0.6200/20 (round number/ March 8 higher), a break below psychological support of 0.6100 would open up a test of 0.6071 (200-day EMA).
  • The US-NZ 2y is up 3.5bps at -8.5bps
  • Option expiries: 0.6100 (NZD841.5m), 0.5925 (NZD454.8m), 0.5915 (NZD389.9m) 20th NY Cut, while notable upcoming strikes are 0.6100 (NZD492m May 22), 0.6115 (NZD400m May 21), 0.5400 (NZD335m May 22)
  • Looking ahead: RBNZ on Wednesday
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The Kiwi finished Friday's session up 0.18% at 0.6133, the USD was lower against most G10 currencies volumes were on the low side but there was no obvious catalyst for the weakness. The Leading indicator was released later in the session and missed target, but there was muted reaction from the markets. Today, it is another quiet session on the data front, with just China's LPR data out.

  • The NZD/USD tested 0.6100 during the European session on Friday, before paring losses to end the session at 0.6133, in Early morning trading on Monday we are unchanged. We still comfortably sit above all moving averages, 14-day RSI has ticked up to 68, while the MACD indictor is showing increasing green bars.
  • Key levels to watch: Initial resistance of 0.6158 (Feb 9 highs) above here we target the 0.6200/20 (round number/ March 8 higher), a break below psychological support of 0.6100 would open up a test of 0.6071 (200-day EMA).
  • The US-NZ 2y is up 3.5bps at -8.5bps
  • Option expiries: 0.6100 (NZD841.5m), 0.5925 (NZD454.8m), 0.5915 (NZD389.9m) 20th NY Cut, while notable upcoming strikes are 0.6100 (NZD492m May 22), 0.6115 (NZD400m May 21), 0.5400 (NZD335m May 22)
  • Looking ahead: RBNZ on Wednesday