The New Zealand Dollar (NZD) has continued to slide lower against the US Dollar (USD) starting the week around 0.5980 and dropping lower off the open to post 0.5960 as we head into Tuesday trading. Punters have been buying the big dollar on mass of late with consideration of uncertainty around what could eventuate in next week’s presidential elections. Also, the with the news that the Fed may peg back cuts if this week’s Non-Farm Payroll release comes in hot is also pushing the USD higher. The kiwi has dropped in value for the 5th straight week and now rapidly approaches long term support at 0.5850. With the RBNZ also expected to cut interest rates by 50-75 points at their next meeting in November it’s hard to see much upside in the pipeline. All those buyers of USD should consider anything around current levels.
Current Level: 0.5971
Support: 0.5870
Resistance: 0.6050
Last week’s range: 0.5972- 0.6083