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NZD: NZD/USD Supported Sub 0.5600, But Dollar Bulls Remain In Charge

NZD
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NZD/USD was a little firmer in Friday trade, up a little over 0.30%, as broader USD sentiment faltered. The BBDXY slipped 0.14%, while the DXY lost 0.40% for Friday's session. NZD/USD has been supported sub 0.5600, since testing below this level at the end of 2024. We last track near 0.5615/20 in early Monday dealings today. NZD/USD lost nearly 0.40% last week, for its fifth straight weekly loss. 

  • A clean break sub 0.5600 could see 2022 lows tested around the 0.5510/15 region. 2020 lows were just under 0.5500. On the topside, the descending 20-day EMA rests near 0.5680. Moves to this resistance level have drawn selling interest since early Oct last year.
  • Broader USD sentiment stayed on the front foot last week, with focus on EUR/USD downside risks (1.00 potentially in play), while USD/CNH tested above 7.3600.
  • US yields remained elevated, although more so at the back end of the curve. The real US 10yr yield close to 2.30% and near 2024 highs. Fed officials stated late last week that the fight against inflation isn't over.
  • US equity sentiment ended last week positively though, likely providing some NZD support at the margins. The AUD/NZD cross tested above 1.1100 but sits back around 1.1065/70 in early dealings today.
  • The local data calendar is empty until tomorrow's ANZ commodity price update for Dec. 
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NZD/USD was a little firmer in Friday trade, up a little over 0.30%, as broader USD sentiment faltered. The BBDXY slipped 0.14%, while the DXY lost 0.40% for Friday's session. NZD/USD has been supported sub 0.5600, since testing below this level at the end of 2024. We last track near 0.5615/20 in early Monday dealings today. NZD/USD lost nearly 0.40% last week, for its fifth straight weekly loss. 

  • A clean break sub 0.5600 could see 2022 lows tested around the 0.5510/15 region. 2020 lows were just under 0.5500. On the topside, the descending 20-day EMA rests near 0.5680. Moves to this resistance level have drawn selling interest since early Oct last year.
  • Broader USD sentiment stayed on the front foot last week, with focus on EUR/USD downside risks (1.00 potentially in play), while USD/CNH tested above 7.3600.
  • US yields remained elevated, although more so at the back end of the curve. The real US 10yr yield close to 2.30% and near 2024 highs. Fed officials stated late last week that the fight against inflation isn't over.
  • US equity sentiment ended last week positively though, likely providing some NZD support at the margins. The AUD/NZD cross tested above 1.1100 but sits back around 1.1065/70 in early dealings today.
  • The local data calendar is empty until tomorrow's ANZ commodity price update for Dec.