Market volatility caused by uncertainty in the Russian/Ukraine crisis has caused the New Zealand Dollar (NZD) to clock 0.6395 (1.5640) late Monday against the Euro (EUR) in what turned out to be one of the biggest two day moves we have seen in years. From Friday’s open at 0.6110 (1.6370) it has been all NZD strength. Blink and you will miss it- as fast as the kiwi posted July 2017 levels it backtracked to 0.6270 (1.5950) as I write with risk sentiment turning deeply pessimistic, stocks down over 2%. A risk off tone could continue into tomorrow as the economic consequences in the Eurozone weigh heavy on further NZD rallies. The ECB refinance rate and statement is Friday with the ECB having some tough decisions to consider with tapering QE amid uncertainty.
Current Level: 0.6297 (1.5880)
Resistance: 0.6400 (1.6090)
Support: 0.6215 (1.5630)
Last Weeks Range: 0.5983-0.6294 (1.5887-1.6712)