NZD/USD: Range trading beckons – ANZ

NZD/USD has softened overnight with some of the blame attributed to month-end rebalancing and part of it just broad USD strength, analysts at ANZ Bank inform.

Key quotes

“We remain more constructive on the NZD than on many other currencies on the food exporter thematic, but the kiwi has never done well during synchronised global slowdowns and large-scale QE does risk capital outflows.” 

“Now that we’ve recaptured the highs and not pressed on, range trading beckons.”

“Support 0.5830 Resistance 0.6100”