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Recent Ranges Persist, RBNZ On Tap

NZD

NZD/USD prints at $0.6195/0.6200, the pair fell ~0.2% on Tuesday.

  • The kiwi underperformed yesterday as today's RBNZ meeting comes into view. Recent ranges persisted with rallies capped at the 200-Day EMA ($0.6222), and the 20-Day EMA providing support ($0.6169).
  • Rising US Equities facilitated a recovery off session lows in the NY session, with NZD/USD trimming early losses into the close.
  • Bulls immediate focus is on the 200-Day EMA; a break through here opens the high from 23 May ($0.6303). Bears look to break the low from 6 July ($0.6133), which opens the low from 29 June ($0.6051) and year to date lows ($0.5991).
  • AUD/NZD is holding below the $1.08 handle, the pair rose ~0.3% yesterday with resistance coming in ahead of the handle.
  • Cross asset wise; S&P500 rose ~0.7% and BBDXY fell ~0.3%. WTI futures were ~2.5% firmer. US Tsy Yields were little changed across the curve.
  • The latest RBNZ monetary policy decision crosses today, the bank is expected to hold the OCR steady at 5.50%.
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