NZD/USD: The kiwi strength might be justified – ANZ

The Kiwi is holding on tight to gains above 0.58. If primary exports can be kept going, which looks likely, NZD strength might be justified, in the opinion of analysts at ANZ Bank.

Key quotes

“NZD/USD is holding up very well, having broken through key technical resistance yesterday, and supported by a bit of a change in thematic in the market.” 

“Ordinarily a trade shock and slowing economy would be bad news for the Kiwi, and although commodity prices are well lower, if primary export volumes hold up that’s a good story.”

“Support 0.5780 Resistance 0.6000”