Commodities make a comeback and lift the sentiment around the antipodeans, Kiwi has been recovering since the sell-off after the RBNZ rate cut.
- Markets ignored the ongoing slowdown in China's domestic economy, underscored by the weekend’s poor run of macro data.
- Our previous call (http://www.econotimes.com/FxWirePro-NZD-USD-trades-just-shy-of-067-handle-tracks-gains-in-oil-prices-177030) has hit targets at 0.6774 and is currently trading at 0.6750.
- Immediate support and resistances are aligned at 0.6715 (10-DMA) and 0.6774 (Mar 11th highs).
- Highlight in this week's NZ calendar will be the Q4 GDP report (Wed, Q4 current account on Tue and March consumer confidence on Thu. There’s also a GDT dairy auction.
Recommendation: We advise booking partial profits. Scope for further gains seen. Raise stops to 0.6715, target 0.68
