The New Zealand Dollar (NZD) returned to 0.5520 (1.8120) from 0.5440 (1.8390) after last week’s RBNZ cash rate cut from 5.5% to 5.25% as risk markets improved. 4-week resistance at 0.5540 (1.8060) is the kiwi’s next target, a breakthrough this level could see further buyers push the pair to the long-term level at 0.5600 (1.7860). On the docket this week is French and German Manufacturing and Services data and later NZ retail Sales, both prints are predicted to show poor results.
Current Level: 1.8115
Resistance: 1.8370
Support: 1.8070
Last Weeks Range: 1.8066 – 1.8391