Free Trial

Supported Below $0.59, Ranges Narrow On Monday


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.

To read the full story



MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.