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Free AccessNZD/USD Looks To Hold Above 0.6100
NZD is off the lows from Wednesday however trading in a very tight range of about 10 pips. Earlier NZ Business Activity Outlook and Business Confidence data was released it was quite robust with the outlook rising to 29.5 from 25.6, highest since June 2021, and while confidence fell to 34.7 from 36.6, it is still higher than December.
- NZD/USD didn't react to the earlier data, and has remained in very tight ranges, although making new daily highs of 0.6104, if the pair is able to hold back above 0.6100 level, a further move higher wouldn't be unexpected after Wednesday's 1.20% move lower.
- Key levels to watch, 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. Initial support is 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.
- Looking ahead: Building permits & ANZ Consumer Confidence Data on Friday.
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Why MNI
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of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.