ANZ Research discusses NZD outlook this week.

"With no key domestic data until Q1 employment data on 6 May, moves will remain dominated by geopolitics. As with other risk-sensitive currencies, markets have been quick to turn optimistic despite uncertainty persisting. This leaves the NZD vulnerable to any sign of the conflict re-escalating. We are neutral on the NZD in the week ahead and expect it to trade in a narrow range with resistance at 0.5929 (17 April high). Support will likely be seen around 0.58," ANZ notes.

"On the crosses, the AUD/NZD briefly touched an April high of 1.2208 on 8 April but is broadly ranging between 1.21–1.22 We see scope for mild upside in the week ahead as any re-escalation in geopolitical tensions would likely favour the AUD, given its net energy exporter status, with support at 1.2043 (14 April low). Additionally, any stronger than expected Australian CPI data could also provide support for the pair," ANZ adds.