Rallying equity prices boosted the New Zealand Dollar (NZD) Monday in the face of Geopolitical tensions developing in Israel. The kiwi pushed above pivotal 0.6000 early this morning against the US Dollar (USD) clocking 0.6025 as I write. If we get a daily close above this area this will be the first time since early August offering further momentum to the topside. Later in the week however if the situation in Israel worsens we could see offsetting losses develop. Buying USD over 0.6000 looks decent buying right now all things considered. US CPI y/y prints Friday the main news for the week, expectations are for a small drop to 3.6%, perhaps not enough for the Fed to leave rates on hold at their November 2 meeting.
Current Level: 0.6031
Resistance: 0.6200
Support: 0.5850
Last Weeks Range: 0.5871 – 0.6006