The stance for the Kiwi dollar remains bullish while NZD/USD trades above the 0.6900 handle.
Key Quotes
“NZD rallied strongly overnight and short-term indicators clearly suggest further upward pressure in the coming days”.
“However, the current price action appears to be similar to those during the middle of this month where a strong 2-day rally fizzled out quickly”.
“In other words, we are maintaining our neutral view for NZD but a clear break above the major and crucial 0.6900 resistance would be a strong indication that NZD would head much higher in the coming weeks”.
“In the meanwhile, this pair is expected to remain underpinned with strong support at 0.6760”.
(Market News Provided by FXstreet)