Profit taking on short positions halted the New Zealand Dollar (NZD) from further declines Monday momentarily after the currency came off Friday and into the weekend to 0.5930 areas against the US Dollar (USD). Attacks on Israel from Iran air strikes sent markets into a spin as we all wondered how Israel would counter. With prices down further overnight around 0.5900 heading into Tuesday this represents a huge 2024 low pushing past the prior low at 0.5940 after a higher than forecast March US Retail Sales print. This week’s NZ CPI should reflect a decent dip from 4.7% from 4.3%, anything lower and we could see more downside moves in the kiwi.
Current Level: 0.5904
Support: 0.5800
Resistance: 0.6000
Last week’s range: 0.5933- 0.6082