Risk currencies outperformed Monday, the New Zealand Dollar (NZD) reversing off 0.5600 (1.7870) trading back to 0.5650 (1.7700) areas in early Tuesday. This week’s key economic data comes in the form of NZ job’s data with unemployment expected to rise from 3.4%. The RBNZ will be closely watching this release with some analysts predicting the cash rate could rise in the November meeting to 5.75% even though they have said 5.5% would be the peak. Price is currently trading at the top of the long-term bear channel which could signal moves towards 0.5620 (1.7800) this week.
Current Level: 0.5648 (1.7705)
Resistance: 0.5700 (1.8035)
Support: 0.5545 (1.7545)
Last Weeks Range: 0.5534-0.5654 (1.7684-1.8067)