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NZD/USD Hold Below 0.6100 Post Dovish RBNZ, NZ Business Confidence Shortly

NZD

NZD sold off post the RBNZ decision and dovish outlook on Wednesday and the selling pressure continued into the European and US sessions, the kiwi is now the worst performer of all G10 currencies down 1.20% erasing last weeks move. Weakness in global equity markets has supported the USD with the BBDXY up 0.17%

  • NZD/USD continued to move lower on Wednesday, reaching a weekly low of 0.6083 and now trades just above that now at 0.6097 as trading in Asia gets underway on Thursday. If the pair was able to trade back above the 0.6100 level, a slight pullback wouldn't be unexpected after the recent move with the 20 and 50-day EMAs likely to act as resistance at 0.6140 area.
  • Key levels to watch, initial support at 0.6080 (Feb 19 & 28 lows) below here 0.6064 (Jan 23 lows) while a break of those levels opens up a retest of the yearly lows at 0.6050. To the upside, initial resistance is 0.6125 (Feb 15 highs) and break above opens a move to 0.6140 area (20 & 50-Day EMAs). Short term further upside will likely be limited as NZ$809m of option strikes roll off at a strike on 0.6200 between now and March 4th
  • Elsewhere, RBNZ governor Adrien Orr spoke at the Parliament Select committee earlier this morning, where he mentioned global policy rates may need to stay higher for longer and that the RBNZ the cash rate needs to stay at 5.5% this year.
  • Looking ahead: NZ Feb ANZ Business Confidence, Activity Outlook & Bond Sales today.
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