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NZD/USD Grinds Higher, AUD/NZD Rebounds From Lows

NZD

Post the Asia session on Wednesday, little happened in the FX space. G10 currencies moved higher against the USD, with the exception of the GBP. NZD/USD is 0.40% higher, while the BBDXY is 0.16% lower. New Zealand Finance Minister spoke earlier at the Economics forum.


  • NZDUSD moved slightly higher post the Asian session on Wednesday in a relatively uneventful FX day. The pair traded in a small range throughout European and US trading, staying between 0.6075/0.6090 to end at 0.6084. Recent technical levels hold; a break below 0.6040 (lows from Feb 5th) could signal further weakness, potentially opening a move to 0.6000 (lows from Nov 22nd). Currently, the 20 and 50-day EMAs are positioned at 0.6115/6135.
  • AUDNZD pushed higher post Asia Trading on Wednesday, rebounding since making yearly lows on Friday. The pair, attempting to break the 1.0600 level multiple times in the past year, now sits back close to the middle of YTD ranges. Support holds at the 1.0600 area, while initial resistance lies at 1.0700/05 (20-day EMA), with the 50-day EMA above at 1.0740.
  • Finance Minister Nicola Willis spoke at the Economics forum, discussing worsening forecasts leading to a decline in government revenue. There was little market reaction.
  • In terms of data releases, NZ Manufacturing PMI is due out tomorrow, along with RBNZ Governor Orr speaking early. Australia has employment data later today, and the US has Retail sales and Claims data later.
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