- Stabilizing oil and gold prices lending a helping hand to the resourced-linked antipodean complex
- Kiwi led the rally, NZD/USD corrected higher towards 0.6660 levels after falling to fresh six-year lows recently
- The kiwi’s outperformance was evident in gains against the yen and the euro, pushing the NZ dollar currency basket 0.2 percent higher
- Next slated resistance in NZD/USD lies at 0.6695 (23 July high) and then at 0.6724 (Daily High Jul 15), while supports on the downside are seen at 0.6590 (10-Day MA) ahead of 0.6566 (Daily Low Jul 27)
- Key speech by RBNZ’s Wheeler on Wed regarding the economy and interest rates after easing policy last week will be watched
- “We suspect the speech will take a glass-half-full approach, which should be NZ dollar positive, but nonetheless fire some shots across the bow of the NZ dollar at the same time,” said ANZ analysts in a note
Resistance Levels:R1: 0.6683 (Bear channel top)R2: 0.6695 (Daily High Jul 23)R3: 0.6724 (Daily High Jul 15)Support Levels:S1: 0.6590 (10-Day MA)S2: 0.6566 (Daily Low Jul 27)S3: 0.6555 (Daily Low Jul 24)
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