The New Zealand Dollar (NZD) bounced back off Monday’s open at 0.5530 (1.8090) to reach 0.5560 (1.7980) into Tuesday trading. 0.5560 (1.7980) is the 50% fib retracement points of recent high and lows and suggests the kiwi may have been overbought to current levels. We favour a retest of the 0.5540 (1.8050) this week data dependant. Eurozone Services and Manufacturing print tonight expected to reflect modest rises in March.
Current Level: 1.7998
Resistance: 1.8100
Support: 1.7900
Last Weeks Range: 1.7875 – 1.8134