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NZD/USD Little Changed, Meets Key Resistance At 100-Day EMA

NZD

The Kiwi traded sideways on Monday, finishing the session up just 0.02% after meeting strong resistance at the 100-day EMA, while the BBDXY was up 0.03% at 1,251.55. There is little on the domestic calendar today with the focus in the region turning to the RBA.

  • The NZD/USD largely traded within a 20-pip range on Monday, but was unable to retest Friday's highs and the 100-day EMA at 0.6040 area, we have opened Tuesday trading unchanged at 0.6009. The pair is now about 2.35% off recent lows, and is holding just above the 50-day EMA at 0.6006 while the 14-day RSI is holding at 55
  • Key levels to watch: Initial resistance of 0.6044 (100-day EMA/ May 5 highs) would be needed to test the of 0.6071 (200-day EMA), while a break back below the 0.6006 (50-day EMA) would be needed to retest 0.5917 (May 2 lows)
  • The US-NZ 2y is up 0.5bp to -14.25bps
  • Option expiries: no major strikes today, while notable upcoming strikes are 0.5930 (NZD729.9m May 9), 0.5900 (NZD453.7m May 9), 0.6020 (NZD384.7m May 9)
  • Looking ahead: N.Z. Government 9-Month Financial Statements at 8.00am
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