March 20, 2023 21:17 GMT
Pressured, Trade Balance On Tap
NZD/USD prints at $0.6245/50, the pair fell ~0.3% in yesterday's trading.
- The pair was pressured yesterday after facing technical resistance at the 200-Day EMA.
- NZD/USD found support at the 50-Day EMA ($0.6242) and firmed off session lows, as US and EU equities rallied, boosting risk sentiment which weighed on the USD.
- Technically the pair continues to consolidate, bulls target the 200-Day EMA ($0.6274). Bears target 2023 lows at $0.6085.
- AUD/NZD firmed off fresh YTD lows yesterday, adding to the pressure on the NZD. The cross rallied ~0.8% after printing below $1.0680.
- Cross asset wise; S&P500 rose 0.9%, BBDXY fell 0.4%. 2 Year US Treasury Yields were ~14bps higher.
- Trade Balance for February is on tap this morning. There is no estimate for the print, the prior read was a deficit of ~$1.9bn.