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Supported Below $0.59, Ranges Narrow On Monday

NZD

NZD/USD prints at $0.5905/10, the pair was ~0.1% firmer on Monday.

  • The pair was supported below $0.59 early in the European session, the move came alongside the Hang Seng trimming gains into the cash close. A bid in US Equities and Tsys facilitated a recovery off session lows and NZD/USD consolidated in a narrow range above $0.59.
  • Ranges were narrow for the most part on Monday as general liquidity was affected by the public holiday in the UK. NZD/USD observed a $0.5900/20 range for the most part.
  • Technically we remain in a strong downtrend, bears look to break the low from 25 Aug ($0.5886) which opens $0.5841 (low from 10 Nov 22) and $0.5762, a Fibonacci projection. Bulls target the 20-Day EMA ($0.5987), a break through here opens high from Aug 10 ($0.6118).
  • Cross asset wise; S&P500 rose ~0.6% and 10 Year US Tsy Yields fell ~3bps. BBDXY was down ~0.1%.
  • The local data docket is empty today.
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