The double top area at 0.6050 is coming into play with the recent spike in the New Zealand Dollar (NZD). The US Dollar (USD) has been under the pump with talk over the Federal Reserve’s next rate move, possibly a cut. Certainly, recent inflation figures are supporting this when it recently dropped from 3.7% to 3.2% y/y. We should get further clues in tomorrow morning’s Fed minutes. Recently Fed’s Powell reiterated the need for higher bond yields and the 2.0% inflation target was a long way off. A push past 0.6070 could signal further upside for the kiwi, certainly risk sentiment will play a big part in such a move with the geopolitical uncertainty still the no 1 currency mover.
Current Level: 0.6037
Resistance: 0.6200
Support: 0.5850
Last Weeks Range: 0.5862 – 0.6053