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NZD/USD Pierces 50-DMA, Hits Best Levels Since Nov 25

NZD

NZD/USD ground higher Thursday, extending this week's rally through its 50-DMA and printing best levels since Nov 25. Broader USD weakness helped push the rate higher, with participants assessing U.S. inflation data & Fedspeak from this week.

  • The rate sits at $0.6864, little changed on the day. Bulls keep an eye on the 50% retracement of the Oct 21 - Dec 20 slide & the 100-DMA, which coincide at $0.6960. Bears look for a fall through Jan 6 low of $0.6733 towards the $0.6703/02 area, which limited losses in Dec.
  • Next week, focus turns to REINZ house sales (Tuesday), card spending (Wednesday) & BusinessNZ M'fing PMI (Friday).

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