NZD/USD: Markets are watching 0.5904 support closely – ANZ

The Kiwi made a new 2023 low. Economists at ANZ Bank analyze the NZD/USD pair outlook.

The focus remains global

With the Reserve Bank of New Zealand out of the way and no hike delivered, the focus remains global (which favours the US Dollar for now), poor price action, and technicals. 

Markets are watching the 0.5904 support (61.8% Fibo of the 2022 rally from 0.5512 to 0.6538) closely.

Support 0.5512/0.5750/0.5904 Resistance 0.6365/0.6540.

See: NZD/USD: Doubts on any significant rebound for Kiwi in the near-term – TDS