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NZD/USD Makes New Cycle Highs, Eyes 0.6200

NZD
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The Kiwi finished Wednesday's session up 0.26% at 0.6193, completely reversing the moves made on Tuesday while the BBDXY finished little changed at 1,251.86. The NZD continues its sideways trend and appears relatively robust in the current market, strength in the currency can be attributed to the hawkish RBNZ. Later, we have ANZ commodity Prices for May following yesterday's rise in dairy prices.

  • NZD/USD erased all losses made the prior day, and made new 3 months highs of 0.6198, the weaker-than-expected US ADP Jobs did see a brief 25pip sell-off in the pair, although this was entirely erased by the close. The pair has opened inline with closing levels at 0.6193, the 14-day RSI is hovering near overbought territory at 68, while MACD indictor holds stable.
  • Key levels to watch: Initial resistance 0.6200 (round number) while above here we then eye a test of 0.6220 (March 8 high). Initial support is now 0.6120 (20-Day EMA) a break here would open a move to 0.6083 area (May 23rd lows)
  • Late Wednesday, NZ May houses prices fell 0.02% m/m, marking the second straight fall. Increasing volume of property for sales and higher interest rates have been the largest contributors to the fall.
  • The US-NZ 2y is 6bps lower at -35bps, the past two weeks has seen a 28bps move lower.
  • Option expiries: 0.6050 (NZD518m June 6), upcoming strikes include 0.6115 (NZD699m June 7), 0.6100 (NZD410m June 7), 0.5920 (NZD386m June 11).
  • Looking ahead: Volume of All Buildings at 08:45 & ANZ Commodity Price at 11:00 AEST
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The Kiwi finished Wednesday's session up 0.26% at 0.6193, completely reversing the moves made on Tuesday while the BBDXY finished little changed at 1,251.86. The NZD continues its sideways trend and appears relatively robust in the current market, strength in the currency can be attributed to the hawkish RBNZ. Later, we have ANZ commodity Prices for May following yesterday's rise in dairy prices.

  • NZD/USD erased all losses made the prior day, and made new 3 months highs of 0.6198, the weaker-than-expected US ADP Jobs did see a brief 25pip sell-off in the pair, although this was entirely erased by the close. The pair has opened inline with closing levels at 0.6193, the 14-day RSI is hovering near overbought territory at 68, while MACD indictor holds stable.
  • Key levels to watch: Initial resistance 0.6200 (round number) while above here we then eye a test of 0.6220 (March 8 high). Initial support is now 0.6120 (20-Day EMA) a break here would open a move to 0.6083 area (May 23rd lows)
  • Late Wednesday, NZ May houses prices fell 0.02% m/m, marking the second straight fall. Increasing volume of property for sales and higher interest rates have been the largest contributors to the fall.
  • The US-NZ 2y is 6bps lower at -35bps, the past two weeks has seen a 28bps move lower.
  • Option expiries: 0.6050 (NZD518m June 6), upcoming strikes include 0.6115 (NZD699m June 7), 0.6100 (NZD410m June 7), 0.5920 (NZD386m June 11).
  • Looking ahead: Volume of All Buildings at 08:45 & ANZ Commodity Price at 11:00 AEST