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NZD/USD Test 0.6100 Again Ahead Of RBNZ On Wednesday

NZD
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The Kiwi finished Monday's session down 0.43% at 0.6107, we still trade 1.45% higher over the past week and hold above 0.6100. The USD was up against all but the SEK on Monday with higher US yields after Fed speakers affirmed the policy will remain restrictive, this supported the USD. It's another quiet session ahead on the data front

  • The NZD/USD was little changed during the Asian session on Monday, the currency then sold off 40 pips and briefly traded below 0.6100, but were quickly met with buyers, mimicking moves made on Friday. The pair closed the session at 0.6105, and we trade little changed in early morning trading on Tuesday.
  • We comfortably sit above all moving averages, 14-day RSI has edged lower and now sits at 63, while the MACD indictor is steady.
  • Key levels to watch: Initial resistance of 0.6141 (May 16th highs) above here we target the 0.6200/20 (round number/ March 8 higher), a break below psychological support of 0.6100 would open up a test of 0.6071 (200-day EMA).
  • The US-NZ 2y is up 4bps at -8bps
  • Option expiries: 0.6115 (NZD450m), 0.6020 (NZD433.9m) 21st NY Cut while notable upcoming strikes are 0.6100 (NZD597m May 22), 0.5915 (NZD434m May 24), 0.6175 (NZD404.9m May 23)
  • Looking ahead: RBNZ on Wednesday
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The Kiwi finished Monday's session down 0.43% at 0.6107, we still trade 1.45% higher over the past week and hold above 0.6100. The USD was up against all but the SEK on Monday with higher US yields after Fed speakers affirmed the policy will remain restrictive, this supported the USD. It's another quiet session ahead on the data front

  • The NZD/USD was little changed during the Asian session on Monday, the currency then sold off 40 pips and briefly traded below 0.6100, but were quickly met with buyers, mimicking moves made on Friday. The pair closed the session at 0.6105, and we trade little changed in early morning trading on Tuesday.
  • We comfortably sit above all moving averages, 14-day RSI has edged lower and now sits at 63, while the MACD indictor is steady.
  • Key levels to watch: Initial resistance of 0.6141 (May 16th highs) above here we target the 0.6200/20 (round number/ March 8 higher), a break below psychological support of 0.6100 would open up a test of 0.6071 (200-day EMA).
  • The US-NZ 2y is up 4bps at -8bps
  • Option expiries: 0.6115 (NZD450m), 0.6020 (NZD433.9m) 21st NY Cut while notable upcoming strikes are 0.6100 (NZD597m May 22), 0.5915 (NZD434m May 24), 0.6175 (NZD404.9m May 23)
  • Looking ahead: RBNZ on Wednesday