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- NZDUSD: Kiwi Tests 100 DMA
NZDUSD: Kiwi Tests 100 DMA
Our previous NZDUSD
analysis seems to be correct and the NZDUSD pair rocketed
higher in previous week as the Kiwi rose 2 per cent on Thursday. The NZDUSD
pair was seen to be trading at 0.20per cent higher on Monday and is now testing
the 100-day moving average near 0.6660.
If the Kiwi jumps above the 100-day moving
average, the current bullish momentum could be confirmed, targeting the strong
resistance of 0.6720, where pervious highs and lows converged.
On the downside, the pair must defend the
first major support of 0.66 if bulls want to consider maintaining the current
bullish breakout. Another buying zone could be at the broken trend-line, which
is near 0.6560.
The Dollar index failed to push to new
cycle highs and slid from the 97.00 level, which could boost the Kiwi over the
next few days. Moreover, the NZD is heavily oversold and if investors start to
exit their short positions, the Kiwi could push further higher.
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