NZD/USD Holds Above 0.6000, Job Ads Drop

NZD finished Tuesday largely unchanged after being up as much as 0.46% during the European session the reversal can be attributed to a move lower in commodity prices while the BBDXY closed up 0.05%.

• NZD/USD has opened Wednesday trading at 0.6005. The pair traded in a 45-pip range making lows of 0.5996 during the Asian session, before higher commodity prices helped push the kiwi to a daily high of 0.6031.
• Key levels to watch: Initial support at 0.5986 (Mar 25 lows), below here 0.5941 (Nov 17 lows). Initial resistance lies at 0.6031 (Mar 27 highs), further up 0.6050 (Mar 22 high), a break above opens a move to the 0.6075 (20-day EMA).
• (Scoop) -- SEEK NZ Employment Report February (See link)
• The RBNZ increased its foreign currency intervention capacity to NZ$20 billion by the end of February, up from NZ$19.6 billion in January and NZ$12 billion in February 2023. Despite this, data indicated zero net NZ dollar purchases in February, with total foreign currency assets remaining relatively unchanged at NZ$26.7 billion. RBNZ's net open foreign currency position stood at NZ$7.6 billion.
• There is little on the calendar today, Thursday ANZ consumer confidence, activity outlook and business confidence is due out.