FX News

NZD/EURO Transfer

The New Zealand Dollar (NZD) gained on the Euro (EUR) Monday gapping to 0.5685 (1.7590) before slipping back to 0.5660 (1.7670) early Tuesday. Both French and German Industrial Production slowed up the Euro momentum, but the currency remains “bid” in the aftermath of the French elections. No party has secured a majority with a hung parliament. Risks for a Le Pen majority diminished with work to be done by political parties now to form alliances. A retest of the 50% fib level at 0.5630 (1.7770) looks possible, a lot depending on whether the RBNZ is dovish at tomorrow’s meeting.

Current Level: 0.5657
Support: 0.5650
Resistance: 0.5680
Last week’s range: 0.5635- 0.5685

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