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NZD/USD Fails To Hold Above 0.6010, Conway To Speak

NZD
  • NZD/USD has remained rangebound as we head into the Asia break, the pair briefly traded above Monday highs of 0.6013, but has been unable to hold above there, although we still hold above 0.6000. Ranges have remained tight trading in about a 15 pip range and we currently trade back at 0.6006.
  • Key levels to watch: Initial support at 0.5986 (Mar 25 lows), below here 0.5941 (Nov 17 lows). Initial resistance at 0.6050 (Mar 22 high), a break above opens a move to the 0.6085 (200-day EMA).
  • RBNZ Chief Economist Paul Conway speaks to a Chartered Accountants A +NZ event, although there will be no speaking notes and media will not be in attendance.
  • Upcoming expiries: US$570m puts with a 0.6000 strike & US$170m calls with a 0.6030 strike for March 27th NY Cut
  • Looking ahead today, New Zealand Government Budget Policy Statement is due out on Wednesday
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