The New Zealand Dollar (NZD) has come under pressure as we entered the week, off the back of broad-based risk off tone and heavy buying of the US Dollar (USD) as a result. The cross fell to 0.6160 early Tuesday after posting a fresh high off 0.6290 Thursday. Fears are that the recent rally from 0.5500 levels mid-October may have stalled out developing fresh downside momentum. We would need to see a break below 0.6050 before a decent signal is displayed on the chart. A busy US calendar should keep the pair active over the week with Non-Farm Payroll Friday the key release.
Current Level: 0.6164
Resistance: 0.6450
Support: 0.6080
Last Weeks Range: 0.6085-0.6289