The NZD/USD spent most of Friday’s offshore trading session consolidating above 0.8100. Globally, currency markets struggled a bit for direction.
Fuelled by the RBNZ’s more hawkish turn last week, the NZD/USD looks to be breaking out of the 0.7700-0.8110 trading range that has contained the currency since May. As we noted last week, a daily close above the 0.8185 200-day moving average would confirm the break. This sort of bullish signal would be consistent with a NZD/USD move back into the mid-80s.
Read the full report: FX Daily
BNZ