NZD/USD (current price: 0.6748)
The Kiwi has been holding above the 0.6700 level compared to the Dollar for almost three weeks now, even as the USD rallied against most of the majors in the meantime. The pair might be ready to head higher again after the correction, as the USD seems to be overbought and losing momentum during the last two sessions. The New Zealand government outlined its plans for its annual budget and investors evaluated the plans as bullish for the currency, and it gained 0.3% on the U.S. Dollar yesterday.
Our assessment: NZD/USD might rise above 0.68 in the coming days and test the strong resistance zone near 0.685, with the 200-day MA providing support around 0.665.
