FX News

EURO/NZD Transfer

For 6 weeks straight the New Zealand Dollar (NZD) has had the better of the Euro (EUR) coming from 0.5585 (1.7900) levels to 0.5735 (1.7440)  yesterday. Monday’s action has seen the kiwi give back a chunk of these gains to 0.5690 (1.7570) as ECB rate cuts exit the table. The NZD still needs to make a break below 0.5680 (1.7600) to clear the bear channel and signal a trend change to the downside. Tomorrow’s RBNZ policy meeting has most of us suggesting the central bank won’t hike interest rates past  5.50% but the rhetoric around future plans could move the cross.

Current Level: 1.7590
Resistance: 1.7700
Support: 1.7415
Last Weeks Range: 1.7438- 1.7597

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