Persisting risk-on flows dominated the day's trade, boosting bids for higher yielding currencies, Asian stocks markets rallied.
- Antipodeans were the biggest beneficiaries of the risk environment with their respective fundamentals adding to their strength
- Kiwi tracked the Aussie higher and trades firmly beyond 0.6375 levels ahead of RBNZ rate decision and Monetary Policy Statement on Thursday
- The RBNZ is widely expected to deliver a 25 basis cut to interest rates and signal that further easing may be necessary, a wider cut could weigh on NZD
- NZD/USD pierced 10-DMA and holds above amidst early NY USD strength, daily RSI biased up, monthly diverging & turns up, a concern for bears
- The pair is currently trading at 0.6383, with immediate resiatance at 0.6402 (Hourly High Sept 9) and support at 0.6357 (10 DMA)
Resistance Levels:
R3: 0.6415 (Daily High Sept 3)
R2: 0.6407 (Hourly High Sept 4)
R1: 0.6402 (Hourly High Sept 9)
Support Levels:
S1: 0.6357 (10 DMA)
S2: 0.6339 (Hourly Low Sept 9)
S3: 0.6260 (Session low Sep 8)
