Skip to content

CFDs are leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your deposits, so please ensure that you fully understand the risks involved. CFDs are leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your deposits, so please ensure that you fully understand the risks involved.

​​​Kiwi and Aussi dollar slip on cautious RBNZ while USD/JPY remains bid​​​

​​​Outlook on AUD/USD, NZD/USD and USD/JPY amid less hawkish RBNZ.​​

NZD Source: Bloomberg

​​​​NZD/USD has taken a hit on cautious RBNZ

​The Kiwi dollar ​​​​NZD/USD dropped like a stone as New Zealand's central bank signaled a slightly less aggressive stance on rate hikes with the 200-day simple moving average (SMA) at $0.6074 representing a possible downside target.

​Below it lies a major support zone at $0.6063 to $0.6039 which consists of the January and current February lows and may once again support the cross. Minor resistance sits at the 9 February high at $0.6158.

NZD/USD chart Source: TradingView.com
NZD/USD chart Source: TradingView.com

AUD/USD's retracement lower gains traction

AUD/USD drop through the 200-day SMA at $0.6561 is taking it towards its mid-February low at $0.6495. As long as this level doesn't give way, the mid-February advance remains intact.

The $0.6610 to $0.6631 late January to early February highs and 55-day SMA aren't expected to be reached in the next few days, though. 

AUD/USD chart Source: TradingView.com
AUD/USD chart Source: TradingView.com

​USD/JPY stays bullish while above ¥149.54

USD/JPY still trades in low volatility above the minor psychological ¥150.00 mark which it revisited on Tuesday. The four-month high at ¥150.88 remains in view. Above it the October-to-November record highs can be spotted at ¥150.91-94.

Only if the mid-February ¥149.54 low were to be fallen through, would the ¥148.89-80 support zone be back in the frame.

USD/JPY chart Source: TradingView.com
USD/JPY chart Source: TradingView.com

IGA, may distribute information/research produced by its respective foreign affiliates within the IG Group of companies pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the research is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, IGA accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore recipients should contact IGA at 6390 5118 for matters arising from, or in connection with the information distributed.

The information/research herein is prepared by IG Asia Pte Ltd (IGA) and its foreign affiliated companies (collectively known as the IG Group) and is intended for general circulation only. It does not take into account the specific investment objectives, financial situation, or particular needs of any particular person. You should take into account your specific investment objectives, financial situation, and particular needs before making a commitment to trade, including seeking advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit.

No representation or warranty is given as to the accuracy or completeness of this information. Consequently, any person acting on it does so entirely at their own risk. Please see important Research Disclaimer.

Please also note that the information does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. Any views and opinions expressed may be changed without an update.

Start trading forex today

Trade the largest and most volatile financial market in the world.

  • Spreads start at just 0.6 points on EUR/USD
  • Analyse market movements with our essential selection of charts
  • Speculate from a range of platforms, including on mobile

Live prices on most popular markets

  • Forex
  • Shares
  • Indices

Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.

Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 20 mins.

The Momentum Report

Get the week’s momentum report sent directly to your inbox every Tuesday for FREE. The Week Ahead gives you a full calendar of upcoming key events to monitor in the coming week, as well as commentary and insight from our expert analysts on the major indices to watch.

For more info on how we might use your data, see our privacy notice and access policy and privacy webpage.

You might be interested in…

Find out what charges your trades could incur with our transparent fee structure.

Discover why so many clients choose us, and what makes us a world-leading provider of CFDs.

Stay on top of upcoming market-moving events with our customisable economic calendar.