The dollar closed yesterday on its highs, but remained rangebound below 45USc.
At 5 pm, it was trading at 44.66USc, up slightly from its 9 am trade of 44.58USc.
Mark Elliott, of ANZ Investment Bank, said the kiwi had peaked at 44.66USc in the morning, and to that mark at the end of the day.
"It seems to be trading in a pretty tight range," he said.
"There seems to be good support at 44.35/40USc level, and good resistance around the 44.90USc area."
Against the Australian dollar, the kiwi reached a seven-month high of 80.50Ac over the previous night.
"We haven't seen huge interest. It really seems to be following the Australian dollar but to a lesser extent," said Mr Elliott.
"When the kiwi-aussie cross broke through A80c last night there was some stop-loss buying of kiwi against aussie.
"As we've seen the aussie weaken, the kiwi's remained relatively well-bid," said Mr Elliott.
"I suspect if we break 44.30USc on the downside we'll probably have a run down to the 43.80USc mark."
But he did not expect a rapid drop from there to mirror the kiwi's swift rise since late last year."
US retail sales figures, due out today, are expected to have effects on currency trading.
- NZPA
<i>Currency:</i> Kiwi stays within tight range
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