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Supported At 200-Day EMA

NZD

NZD/USD prints at $0.6260/65, the pair fell ~0.2% on Wednesday.

  • The pair was supported at the 200-Day EMA ($0.6228) after pressure seen in the Asian session extended in Europe, a post-CPI offer in GBP/USD spilled over into a wider USD bid.
  • NZD/USD observed a narrow $0.6240/60 range for the remainder of the day's trading, firming to the close as the S&P500 recovered off session lows.
  • Bears look to break the 200-Day EMA from here they can target round number resistance at $0.62. Bulls target yesterday's high ($0.6344), a break through here opens the high from 14 July ($0.6412).
  • AUD/NZD is holding above $1.08, the cross couldn't sustain a break of the 200-Day EMA yesterday and pared gains for the remainder of the session to finish marginally lower.
  • Cross asset wise; 10 Year US Tsy Yields fell ~4bps and the S&P500 rose ~0.2%. BBDXY was ~0.3% firmer.
  • The local data calendar is empty today, Trans-Tasman flows may come to the fore as the lastest Australian Labour Market Report is due. The Unemployment Rate is expected to hold steady at 3.6% in June.
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