The NZDUSD pair, also known as the Kiwi, managed to defend significant support of previous highs and traded 0.45% stronger on Tuesday, hovering near 0.720.

As long as it trades above the 0.7150 zone, the short-term outlook appears bullish. From the medium-term perspective, the key supports are seen near 0.70750 and afterward at the 50-day moving average, currently near 0.7020.

The initial target for this bullish wave seems to be in the 0.73 region, where the Kiwi had failed many times earlier in the year.

Despite rising US yields and a strict lockdown in New Zealand, the Kiwi continues to rally, as it remains supported by the soaring commodity prices.

Sentiment is still positive, evident by the flying equities as US stock indices pushed to new all-time highs, further boosting the NZDUSD pair. 

NZDUSD daily chart 2 PM CET

Source: https://www.axiory.com/technical-analysis/kiwi-defends-major-support

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About Author

Peter comes from a background in corporate finance which began in 2013 when he completed the Corporate Finance Program at the University of Economics in Bratislava. He’s been actively involved in the market sector since 2008 and got his hands-on experience in trading in 2011. His experience in finance and trading continues not only as a market analyst at Axiory Intelligence but also through his studies to obtain a degree in Capital Markets. The study is in line with MIFID II regulations and is under the supervision of the European Regulator ESMA, which strongly emphasizes ethics and morale in investing and working with a client.

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