NZD/USD: At new cyclical high – ANZ

Research Team at ANZ, notes that the Kiwi broke to a new cycle high overnight as USD liquidation continued.

Key Quotes

“The break opens the way for a test above 0.70, with the next solid resistance around 0.7160-0.72. US data such as ADP employment remains solid, but the change in the Fed’s reaction function was further endorsed with the Chicago President Evans stating he doesn’t fear pushing inflation above target for a ‘brief period’. Month end demand is expected to keep the NZD strong today.

Expected range: 0.6880 – 0.7010”