It’s a very quiet week on the Euro (EUR), New Zealand Dollar (NZD) calendar especially midweek when we have French and German holidays. The kiwi rallied late in the week from 0.5510 (1.8150) all the way to 0.5602 (1.7850) to close at this level, Monday’s action has seen the Euro recover slightly to 1.7920 (0.5580) as I write. ECB’s Lane said recently that incoming data has given him more confidence that inflation is returning to the target zone. We believe the kiwi may drift lower over the week.
Current Level: 1.7930
Resistance: 1.8060
Support: 1.7860
Last Weeks Range: 1.7844 – 1.8154