Rising bond yields and slowing global growth have created fragile sentiment of late, the New Zealand Dollar (NZD) coping the full brunt of this. The kiwi looked good on Friday against the US Dollar (USD) clocking early 0.60’s but stalled, falling back sharply into the close to 0.5940 as risk currencies were sold and equity markets went red. The yearly low at 0.5885 is close, below here and we could see much deeper losses in the NZD. On the docket this week is US ISM PMI data, a leading indicator of economic health.
Current Level: 0.5935
Resistance: 0.6100
Support: 0.5880
Last Weeks Range: 0.5885 – 0.6014