The New Zealand Dollar (NZD) came up against stiff resistance Monday at 0.6390 against the US Dollar (USD) after last week’s rally from around 0.6200 levels. The run up to current levels looks overbought signalling downside moves have come into play. A break above 0.6400 would be needed to cement further upside confidence in higher traffic. The Fed pause is still uncertain with some analysts suggesting a 25-point hike on the 27th of July is a done deal? Soft Chinese data also to blame. The kiwi however could be well supported by stronger risk over the coming days. NZ CPI data prints tomorrow and should represent a much lower headline figure somewhere around 5.4%. Buyers of USD should consider these levels.
Current Level: 0.6333
Resistance: 0.6400
Support: 0.6000
Last Weeks Range: 0.6165-0.6411