NZD/USD Rises Further Toward 0.6850
NZD/USD
rose further during the American session amid a weak US dollar across
the board. The pair extend gains and printed a fresh high at 0.6845.
NZD outperforming
The
kiwi is among the top performers on Wednesday after strengthening on
Asian hours after the release of the Financial Stability Report from the
Reserve Bank of New Zealand, that reduced expectations of an imminent rate cut. NZD/USD rallied on from 0.6760 to 0.6825 with the report and then pulled back.
Recently
it gained momentum and turned to the upside, breaking previous highs
and climbed to 0.6844, level located slightly below Tuesday's high that
lie at 0.6848. At the moment, it trades at 0.6838/42, up 1.15% for the
day.
NZD/USD technical levels
To the
upside, resistance levels might be seen at 0.6848/50 (May 9 high),
0.6860 (May 4 low) and 0.6895 (20-day moving average). On the opposite
direction, support could be located at 0.6825 (Asian session high),
0.6775/80 (European session low) and 0.6760 (daily low).
