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Pressured On Tuesday, 20-Day EMA Provides Support

NZD

NZD/USD prints at $0.6160/65, the pair fell ~0.5% yesterday.

  • Risk off flows weighed on the kiwi on Tuesday, NZD/USD was pressured through the European session with support coming in below the 20-Day EMA ($0.6157).
  • Losses were pared alongside US Equities firming off session lows and the USD ticking away from best levels.
  • Bears look to break yesterday's lows ($0.6134), this opens year to date lows at $0.5985. Bulls immediate focus is on breaking the $0.62 handle which opens up the 200-Day EMA ($0.6233).
  • AUD/NZD sits a touch above $1.10 after being unable to sustain a move below the handle on Tuesday after the RBA minutes weighed on the pair.
  • Whole Milk Powder Average Price fell to $3,172/tonne, ticking lower from the prior of $3,173/tonne.
  • Cross asset wise; S&P500 fell ~0.5% and BBDXY rose ~0.1%. WTI futures fell ~1%. 10 Year US Treasury Yields fell 4bps.
  • The domestic data calendar is empty today.
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