The Kiwi ended the session on Friday yet another notch higher, coming to rest above 0.61, to round out a gain of over two cents over the week. Economists at ANZ Bank note that NZDUSD is now in an established uptrend channel.

Cycle lows may be in for the NZD

“Although domestic data and considerations aren’t really playing a role, the Kiwi should at least benefit from having the highest bond yields in the G10, and what looks like a fair degree of economic resilience. The vibe in the market seems to also be that cycle lows may be in for the NZD. Let’s see.” 

“Price action certainly looks fairly solid; NZDUSD is now in an established uptrend channel.”

“Support 0.5875/0.6000 Resistance 0.6235/0.6450/0.6575”