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NZD/USD Tests 0.6150, US Out For Memorial Day

NZD
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The Kiwi finished Monday's session up 0.46% at 0.6149, while the BBDXY finished a down 0.15% at 1,247.84. On a slow session with the US out for memorial day, the USD saw some weakness as investors still digest the UoM's inflation expectations for May that were out on Friday, while they also position for GDP and PCE data due out later this week, with the currency lower against all G10 currencies, NZ has filled jobs data out later this morning.

  • NZD/USD closed near session highs on Monday and trades at the top of the recent band, with a sustained break above 0.6150 opening up a retest of the Feb & March highs of 0.6220. The 14-day RSI has ticked higher and now sits at 61, while the MACD is steady
  • Key levels to watch: Initial resistance of 0.6154 (May 27th highs) above here we target the 0.6200/20 (round number/ March 8 high), while initial support holds at 0.6083 (May 22nd lows), a break here would target 0.6072 (20 & 200-day EMA)
  • The US-NZ 2y is 1bps lower at -21bps
  • Option expiries: no large strikes today while notable upcoming strikes are 0.6115 ($196.24m) May 28, 0.6050 ($200m) May 28
  • Looking ahead: April Filled Jobs
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The Kiwi finished Monday's session up 0.46% at 0.6149, while the BBDXY finished a down 0.15% at 1,247.84. On a slow session with the US out for memorial day, the USD saw some weakness as investors still digest the UoM's inflation expectations for May that were out on Friday, while they also position for GDP and PCE data due out later this week, with the currency lower against all G10 currencies, NZ has filled jobs data out later this morning.

  • NZD/USD closed near session highs on Monday and trades at the top of the recent band, with a sustained break above 0.6150 opening up a retest of the Feb & March highs of 0.6220. The 14-day RSI has ticked higher and now sits at 61, while the MACD is steady
  • Key levels to watch: Initial resistance of 0.6154 (May 27th highs) above here we target the 0.6200/20 (round number/ March 8 high), while initial support holds at 0.6083 (May 22nd lows), a break here would target 0.6072 (20 & 200-day EMA)
  • The US-NZ 2y is 1bps lower at -21bps
  • Option expiries: no large strikes today while notable upcoming strikes are 0.6115 ($196.24m) May 28, 0.6050 ($200m) May 28
  • Looking ahead: April Filled Jobs