The New Zealand Dollar (NZD) opened the week pretty much at the same place it did a week earlier around 0.5510 (1.8160) albeit a little water under the bridge. We don’t expect too much upside this week for the kiwi after recent weeks of poor performance, the pair still trending lower from the October 10 high of 0.5714 (1.7500) as it targets the April 2020 low at 0.5440 (1.8380). Risk factors have improved over the last few hours as the Gaza ground offensive started, the positive is that fighting is contained within the Gaza strip and has not worsened into a US/Iran war.
Current Level: 0.5501
Support: 0.5440
Resistance: 0.5555
Last week’s range: 0.5475 – 0.5540