The recent rally in the New Zealand Dollar (NZD) from 0.5530 (1.8080) to 0.5800 (1.7230) came to an end Friday against the Euro (EUR) reversing back to 0.5700 (1.7550) into early Tuesday. The risk off tone may be the start of a trend reversal as the pair starts to track back to the long-term April low of 0.5530 (1.8080). Certainly, price reflects recent discussion around the EU growing at a faster pace in 2023 than first thought supported by energy prices easing and a strong labour market. The EU said the quarterly GDP is expected to grow in the Eurozone 1.1% in 2023 much higher than the 0.9% increase forecast back in February.
Current Level: 0.5745 (1.7406)
Resistance: 0.5810 (1.7500)
Support: 0.5715 (1.7220)
Last Weeks Range: 0.5696-0.5814 (1.7198-1.7554)