The New Zealand Dollar (NZD) fell another leg last week dropping to 0.5465 (1.8300) against the Euro (EUR) straight through heavy support at 0.5540 (1.8060) registering a fresh April 2020 level. Setback this week in a thin calendar won’t be to supported, the long term bear channel formation should hold up representing a softer kiwi. The RBNZ releases the official cash rate tomorrow, widely expected to remain at 5.5% for some time with recent interest rate increases impacting into household spending habits.
Current Level: 1.8278
Resistance: 1.8470
Support: 1.7825
Last Weeks Range: 1.7977 – 1.8327