NZD/USD is stubborn and will not give up the 0.79 handle without a fight. 0.7820 had been under pressure with the greenback taking the lead across the board last week, but the New Zealand dollar has continued to hold up and in fact has been the strongest this month, gaining 1.6% against the US dollar as noted by analysts at Brown Brothers Harriman. â€œThis is most a function of favorable economic news, leaving aside the decline in milk prices, for the domestic economyâ€.
The week ahead poises plenty of risk news in the US while we are relatively light looking in the New Zealand data front apart from this weekâ€™s RBNZ inflation expectations report. But furst up, straight away in the US session, we kick off with Markit Services PMI and then later in the week we have the US GDP results with markets expecting a downgrade for Q3 and Consumer Confidence which may get things going to start with.
NZD/USD noteworthy levels
Spot is presently trading at 0.7903, and next resistance can be seen at 0.7906 (Daily High), 0.7938 (Daily Classic R1) and 0.7950. Next support to the downside can be found at 0.7893 (Daily Classic PP), 0.7888 (Weekly Classic PP) next to 0.7886 (Hourly 20 EMA) and 0.7840.
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