- NZD/USD rally supported by weaker US Dollar and technicals.
- Kiwi ends intraday-range making another leg higher, to the highest in three months.
The NZD/USD pair moved between 0.6745 and 0.6725 for hours until it broke to the upside during the American session. The pair climbed to 0.6753, hitting the strongest since April. As of writing was trading near the top, holding a bullish tone.
Yesterday the kiwi was the top performer of the G10 and today is among the top three. The positive tone remains in place even despite the decline in equity prices across the globe. A decline of the US dollar continues to be a key driver.
Data from the US today showed a larger-than-expected increase in the Philly Fed but the greenback remained weak. US yield rose modestly; the 10-year stands at 2.06%, near the weekly low. In Wall Street, the DOW JONES is down 0.53% and the NASDAQ losses 0.59%. The risk aversion could limit the upside in NZD/USD.
NZD/USD Levels
To the upside resistance could be seen at 0.6785 (Apr 15 high), followed by 0.6800 and 0.6825. On the flip side, short-term support levels might now be located at 0.6745 (previous resistance), 0.6725 and 0.6695.
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