The New Zealand Dollar (NZD) recovered off last week’s low around 0.5860 against the US Dollar (USD) to 0.5915 this morning. Risk sentiment recovered for the most part off the back of the recent escalated tensions between Iran and Israel late last week. Equity markets ticked up overnight supporting NZD buys as well, but we would be surprised if we saw prices above 0.5950 in the next day or so with a stiff bias to the downside still looming. On the docket this week we have US Advanced GDP for the March quarter expected to come in light around 2.5% vs 3.4% in the December quarter. A push above the 50-day moving average around 0.5950 and above 0.6000 would signal further upside but this looks a tall order.
Current Level: 0.5925
Support: 0.5860
Resistance: 0.5950
Last week’s range: 0.5850- 0.5952