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NZD/USD Tests YTD Lows, Lower Dairy Prices Weigh On The NZD

NZD
  • NZD/USD has opened trading on Wednesday under some pressure after milk prices dropped 4.2% earlier this morning. The pair attempted to test the overnight and YTD lows earlier however we were met with buying, we now trade slightly higher for the day up 0.05% at 0.6055. There is $US1.1b of options expiring March 22 with a strike of 0.6050, which could limit any further major moves.
  • 1 week volatility have bounced off multi-year lows of 6.77 made on March 13 to now sit at 8.90, just above the monthly average.
  • Key levels to watch: Initial support at 0.6034 (Mar 19 lows), a break here would open up a test of 0.6000 (Nov 23 lows). In the case of a pull-back, initial resistance holds at 0.6080 (Mar 18 lows), while above 0.6111 (200-day EMA)
  • Looking ahead, focus will be on FOMC later Today, while tomorrow NZ GDP data is due out.
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