Key line of resistance for NZD

Technical Analysis

Author: Eamonn Sheridan | aud

A snippet via BNZ on the Australian and New Zealand dollars overnight:

  • there has been some small outperformance of commodity currencies
  • The NZD … A key line of resistance is at 0.6450, which was the mid-September peak. 
  • AUD found some resistance at 0.6880

Also this on the central banks:
  • Reduced global risks are seeing pricing for RBA and RBNZ rate cuts move towards the likelihood of less policy stimulus
  • An RBA rate cut next month now looks highly unlikely, while a 25bps December cut is priced at an even chance. 
  • The NZ OIS market has moved from pricing more than a 25bps cut in November (a small chance of a cut as large as 50bps) to a slightly less than 25bps cut (a small chance that the RBNZ holds policy unchanged).

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