Despite the New Zealand Dollar (NZD) dropping off Mondays open below 0.6200 to 0.6190 against the US Dollar (USD) the cross is still trading in its bull channel from late May’s 0.5985 level. A break below 0.6170 however should support a trend shift back towards 0.6100 zones. The recent drop into recession by the NZ economy after GDP first quarter printed at -0.1% should keep the kiwi fundamentally limited to the north especially with the Federal Reserve remaining hawkish over further rate hikes. US Manufacturing data and Fed chair Powell testified towards the end of the week.
Current Level: 0.6199
Resistance: 0.6360
Support: 0.6100
Last Weeks Range: 0.6104-0.6246