NZD/USD spiked in the last 1hr stick from 0.6994 and made fresh highs of 0.7006 before meeting supply.
The US dollar has given back some gains at the start of this week, but has managed to catch a bid elsewhere, despite the antipodean bulls pulling out of the blocks first in early Asia. Markets are holding off ahead of the Central Banks this week and that allows for a minor recovery in the bird for the time being. "The uncertainty generated by Brexit plus further RBNZ easing should be negative for the NZD, suggested analysts at Westpac."
NZD/USD levels
"Still flirting with a break below 0.7000, an expected lower OCR a headwind. NZD/USD 1-3 month: The uncertainty generated by Brexit plus further RBNZ easing should be negative for the NZD. We target 0.67," added the analysts. For the meantime, the pair is better offered still while below the 200 sma on the 4hr chart at 0.7114.
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