The New Zealand Dollar,
also known as the Kiwi, bounced on Tuesday and was seen to be 0.60 per cent
stronger during the London session, trading at around 0.6750.
Monday’s decline stopped near the first
major support of 0.6715/20 and bulls managed to defend it, therefore the
current uptrend momentum still seems valid. If this support fails to hold,
further decline toward the 100-day moving average at 0.6650 could occur and the
immediate uptrend could be cancelled. Another major bullish area could be
located at 0.66 and if the price drops below, the trend may switch back to
bearish.
On the upside, the Kiwi could be targeting the
previous swing highs, which are slightly above the 0.68 handle and afterward
the 200-day moving average, which is located near the 0.69 handle. From the
more intraday perspective, the resistance could be located at 0.6750 as well.
The Kiwi still remains heavily oversold,
according to the CFTC data, and therefore another rally could be fueled by
investors exiting their short positions. Moreover, the RSI indicator is also
supporting the bullish view for the near future.
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