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NZD/USD Tests Support At 0.6100, Eyes On Chinese Data Later

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The Kiwi finished Wednesday's session unchanged at 0.6122, we initially traded lower heading into the US session before higher-than-expected continuing claims and lower-than-expected housing start and building permits looked to contribute to some USD weakness as the session progressed. Locally, today we have 1Q PPI input/output data, and Chinese Industrial Production and Retail Sales.

  • The NZD/USD was unchanged and post the Asian session traded within a about a 20-pip range, we briefly traded below 0.6100 before the USD weakness saw the daily moves reversed. We comfortably sit above all moving averages, 14-day RSI is steady over the past day at 67 while the MACD indictor is showing increasing green bars, indicating buyers are well in control.
  • As trading gets underway on Friday, we have opened in line with closing levels at 0.6120.
  • Key levels to watch: Initial resistance of 0.6158 (Feb 9 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 5bps at -12bps
  • Option expiries: 0.5880 (NZD1.25b), 0.5950 (NZD495m) 17th NY Cut while notable upcoming strikes are 0.6100 (NZD731.5m May 20), 0.5925 (NZD454.8m May 20), 0.6100 (NZD432m May 22)
  • Looking ahead: Today we have 1Q PPI input/output
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The Kiwi finished Wednesday's session unchanged at 0.6122, we initially traded lower heading into the US session before higher-than-expected continuing claims and lower-than-expected housing start and building permits looked to contribute to some USD weakness as the session progressed. Locally, today we have 1Q PPI input/output data, and Chinese Industrial Production and Retail Sales.

  • The NZD/USD was unchanged and post the Asian session traded within a about a 20-pip range, we briefly traded below 0.6100 before the USD weakness saw the daily moves reversed. We comfortably sit above all moving averages, 14-day RSI is steady over the past day at 67 while the MACD indictor is showing increasing green bars, indicating buyers are well in control.
  • As trading gets underway on Friday, we have opened in line with closing levels at 0.6120.
  • Key levels to watch: Initial resistance of 0.6158 (Feb 9 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 5bps at -12bps
  • Option expiries: 0.5880 (NZD1.25b), 0.5950 (NZD495m) 17th NY Cut while notable upcoming strikes are 0.6100 (NZD731.5m May 20), 0.5925 (NZD454.8m May 20), 0.6100 (NZD432m May 22)
  • Looking ahead: Today we have 1Q PPI input/output