- Kiwi heads for fourth weekly gains in a row versus the US dollar.
- NZD/USD holds above 0.7000, reinforces bullish momentum.
The NZD/USD pair climbed to 0.7038 boosted by a weaker US dollar across the board and reached the highest level since June 2018. It then pulled back modestly, holding above 0.7000 and it is trading at 0.7025/30, up 80 pips for the day.
The key driver on Friday is the decline of the US dollar. The DXY dropped below 91.80, approaching the 2020 low. The NZD/USD lost momentum later as Wall Street futures pulled back.
From a weekly perspective, NZD/USD is about to post the fourth gain in a row and the strongest close since May 2018. The improvement in risk sentiment continues to be the key driver. Over the last days, hopes on the COVID-19 vaccine was the key factor.
Technically, NZD/USD remains bullish with key indicators at overbought levels but no signs of a correction area seen. A decline back under 0.7000 would favor a consolidation or a correction. The next strong resistance might be seen at 0.7055. Support levels might be seen at 0.6980 followed by 0.6940.
|Today last price||0.7033|
|Today Daily Change||0.0019|
|Today Daily Change %||0.27|
|Today daily open||0.7014|
|Previous Daily High||0.7015|
|Previous Daily Low||0.6992|
|Previous Weekly High||0.6952|
|Previous Weekly Low||0.6841|
|Previous Monthly High||0.6726|
|Previous Monthly Low||0.6546|
|Daily Fibonacci 38.2%||0.7006|
|Daily Fibonacci 61.8%||0.7001|
|Daily Pivot Point S1||0.6999|
|Daily Pivot Point S2||0.6984|
|Daily Pivot Point S3||0.6976|
|Daily Pivot Point R1||0.7022|
|Daily Pivot Point R2||0.703|
|Daily Pivot Point R3||0.7045|
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