Recent form in the New Zealand Dollar (NZD) saw prices up around 0.6990 at the close of the week against the US Dollar (USD) before dropping to 0.6890 into Tuesday as a pullback in equity prices and US bond yields took hold. The 2022 bull rally still holds- the run up from late January’s 0.6530 remains intact. We would need to see a break lower through 0.6800 to see a considerable trend change. The 0.6870 level is immediate support, the kiwi is struggling to ward off further losses amid poor February job’s numbers (down 0.3%). Looking ahead we have US Unemployment data and Manufacturing Friday which will make for choppy action as it always does. We think the NZD may pullback further this week and give back recent gains.
Current Level: 0.6903
Resistance: 0.6980
Support: 0.6860
Last Weeks Range: 0.6863-0.6988