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Pressured, Broken 20-Day EMA

NZD

NZD/USD is pressured on Monday, last printing $0.6220/25 down ~0.6%.

  • Losses briefly extended in recent dealing as the Caixin PMI missed estimate. The fallout of OPEC+ unexpectedly cutting Oil production has seen the USD firm alongside WTI which sits ~5% firmer after being up as much as 7%.
  • NZD/USD has been pressured through the session, breaking the 20-Day EMA at $0.6227. Bears target a break of $0.62 handle opening up 2023 lows at $0.6085.
  • NZ Residential Property listings in March were the lowest since 2007 falling 18% Y/Y.
  • RBNZs Shadow Board recommended a 25bps hike in the OCR this morning.
  • Cross asset wise; US Treasury Yields are firmer, BBDXY is up ~0.3%. E-minis are down ~0.3% and the Hang Seng is flat.

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