The New Zealand Dollar (NZD) continues to track lower against the US Dollar (USD) reaching a 13-week low overnight of 0.6128 before bouncing to 0.6170 over the past couple of hours of trading. Pressures remain to the downside for the kiwi, but we are expecting a “recovery” rally of sorts. In line with this is the 100-day MA which could give the kiwi a lift in the short term. A break above 0.6300 would take out most of the downside risks.
Current Level: 0.6167
Last Weeks Range: 0.6161-0.6260