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Rangebound On Monday, Unable to Sustain Break Of 20–Day EMA

NZD

NZD/USD prints at $0.6115/20, the pair was ~0.1% softer on Monday.

  • The pair remained range bound yesterday unable to follow through on move higher in the European session with resistance seen above $0.6150 after printing it’s highest level since the May RBNZ meeting.
  • Pressure came as the USD reversed earlier losses and the NZD/USD fell to sit a touch lower on the day.
  • Bulls look to sustain a break of the 20-Day EMA ($0.6121), to target the $0.62 handle. On the downside bears attention is on a break of $0.61, from here they target low from May 31 ($0.5985).
  • AUD/NZD continues to consolidate recent gains above $1.10, the pair sits at $1.1030/40.
  • Cross asset wise; WTI futures fell ~4% on demand concerns. BBDXY was ~0.1% firmer, and US Treasury Yields were a touch softer across the curve. S&P500 rose 0.9% printing its highest level since April 2022.
  • On the wires today we have April Net Migration, there isn't expected to be any market impact from the print.
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