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18 May 2022
NZD/USD to enjoy further gains above 0.6365 – ANZ
NZD/USD is a touch higher. A sustained break of 0.6365 would be a good sign technically, analysts at ANZ Bank report.
Kiwi may be running into headwinds if global sentiment sours again
“The kiwi’s bounce off lows this week has been textbook in that it bounced neatly off 0.6230 (the 61.8% Fibo of the 2020-21 rally from 0.5470 to 0.7464). But the bounce was slight and we are mindful of higher oil prices, slowing growth in China and a high degree of cross-market correlation, which all speaks to the kiwi may be running into headwinds if global sentiment sours again. We’re watching closely and keeping an open mind.”
“Support 0.6100/0.6230 Resistance 0.6365/0.6465/0.6545.”