The New Zealand Dollar (NZD) steadied around 0.5650 mid last week against the US Dollar (USD) consolidating around this level Monday in “on again, off again’ risk conditions. The Federal Reserve is still hawkish although softer US inflation eased direct expectations for another near-term rate hike. Lingering tensions in the strait of Hormuz have led to limiting kiwi upside momentum. The higher for longer Fed mantra compared to the RBNZ, could/should/maybe approach and the divergence between central banks could send the NZD further lower.
Current Level: 0.5652
Support: 0.5570
Resistance: 0.5680
Last week's range: 0.5625- 0.5740
The New Zealand Dollar (NZD) remains under modest pressure against the Australian Dollar (AUD) picking up bids Monday to trade back above the key level at 0.8200 reaching 0.8215 (1.2175). The RBA releases their minutes of the last central bank meeting revealing a unanimous hold signalling an immanent easing cycle with the caveat of cuts still on the table if inflation proves persistent. We have no tier 1 economic data to publish this week in the cross, suggesting prices may bounce around current levels.
Current Level: 0.8207
Support: 0.8165
Resistance: 0.8225
Last week's range: 0.8158-8203
Current Level: (1.2179)
Support: (1.2160)
Resistance: (1.2250)
Last week's range: (1.2190-1.2257)
The New Zealand Dollar (NZD) extended declines Monday against the British Pound (GBP) dropping to 0.4265 (2.3455) closing the session out at a fresh daily low not seen since October 2015. Yes, the cross has posted an 11-year low in a heavy risk off mood drawing punters to the GBP. Expectations for Bank of England (BoE) hikes have been scaled back with markets only pricing in 1 further hike for the rest of the year. With no economic data to publish this week we see the current trend continuing.
Current Level: 0.4263
Support: 0.4245
Resistance: 0.4315
Last week's range: 0.4268-0.4343
Current Level: (2.3457)
Support: (2.3180)
Resistance: (2.3560)
Last week's range: (2.3025-2.3427)
3 weeks straight of declines in the New Zealand Dollar (NZD) have seen prices fall to 0.4945 (2.0215) in morning trade against the Euro (EUR) with market sentiment taking a toll on the kiwi. Tensions in the Middle East have continued to support “safe haven” demand for the Euro along with expectations for further tightening. A breakthrough key support at 0.4940 (2.0240) and we may see a retest of the key fib level at 0.4870 (2.0540) develop.
Current Level: 0.4949
Support: 0.4900
Resistance: 0.5000
Last week's range: 0.4944-0.5012
Current Level: (2.0206)
Support: (2.0000)
Resistance:(2.0400)
Last week's range: (1.9952-2.0223)
Lower highs followed by lower lows is the theme in the Australian Dollar (AUD), US Dollar (USD) cross with the pair unable to hold levels above key 0.7000. Massive support technically sits at 0.6830 just below the 2026 low and the 100-day moving average. Elevated geopolitical tensions continue to support the greenback with a weekend of strikes taking place between the US and Iran. By Sunday afternoon Iran had bailed from Doha talks and threatened to halt negotiations. However, the meeting is still expected to take place. On the data front we have Non-Farm Payroll out this Friday.
Current Level: 0.6886
Support: 0.6830
Resistance: 0.7150
Last week's range: 0.6873- 0.7018
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The British Pound (GBP) extended last week's gains Monday to reach 0.5195 (1.9250) against the Australian Dollar (AUD) in heavy risk off traffic. Post Australian CPI investors have been a little less convinced the RBA will need to stay hawkish, also of note and a headwind for the Aussie is underperforming Chinese Manufacturing demand, exposing the AUD. No data this week for the cross could mean we see more of the same momentum.
Current Level: 0.5194
Support: 0.5170
Resistance: 0.5235
Last week's range: 0.5216-0.5310
Current Level: (1.9252)
Support: (1.9105)
Resistance: (1.9350)
Last week's range: (1.8830-1.9171)
The Australian Dollar (AUD) slumped below 0.6060 (1.6500) long term support Monday against the Euro (EUR) falling to post 0.6030 (1.6590) at the NY close. Investors confirming Euro support as the geopolitical scene exposes risk currencies. Meanwhile stronger than expected Australian employment data has helped reinforce the view the Reserve Bank of Australia (RBA) won't need to be so aggressive with planned hikes. The next target level support is the yearly low at 0.5975 (1.6740)
Current Level: 0.6028
Support: 0.5970
Resistance: 0.6070
Last week's range: 0.6039-0.6133
Current Level: (1.6589)
Support: (1.6480)
Resistance: (1.6750
Last week's range: (1.6039-0.6133)
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