- The antipodeans were cautiously higher on Tuesday, though the market lacked inspiration following underwhelming economic data out of China on Monday
- USD/NZD hovered around 0.68, extending range trade, in the absence of fresh drivers
- The pair remained in consolidation mode after a recent rally from $0.6235 to $0.6897 ran out of steam
- The kiwi’s recent upbeat performance has in part been driven by a stabilisation in dairy prices, which recently rebounded from 12-year lows
- Expectations that the RBNZ will hold rates steady next week, pausing after three straight cuts, have also helped stabilise the Kiwi
- NZD/USD is currently trading at 0.6808, day’s range 0.6815/0.6783, with immediate resistance at 0.6820 (Oct 19 high) and support at 0.6781 (Oct 19 low)
- Markets await key GDT auction which could provide some direction
Resistance Levels:R1: 0.6820 (Oct 19 high)R2: 0.6897 (Daily Highs Oct 15/16)R3: 0.6916 (Daily High Jun 26)Support Levels:S1: 0.6781(Oct 19 low)S2: 0.6712 (10 DMA)S3: 0.6629 (100 DMA)
The material has been provided by InstaForex Company – www.instaforex.com