NZD/USD (current price: 0.6993)
The New Zealand Dollar hit an almost one-year high against the U.S. Dollar today in early trading, as the currency followed risk assets higher following the rally in oil. The optimistic Australian Monetary Policy Meeting Minutes helped both the Aussie and the Kiwi this morning. Al eyes are now on the 0.70 level, as the pair approaches the upper resistance line of the short-term trend channel. The 200-day MA is turning higher, but it’s still at 0.66, pointing to a possible correction in the coming weeks.
Our assessment: The Kiwi finally got back to the crucial 0.70 level after reaching a low around 0.6250 in September. The short-term trend is still bullish, but the pair is getting close to multiple resistance levels.
