- NZD/USD trades just above flat as it is the only major to trade positive against the dollar.
- The price did stop at a significant resistance that will take some force to break.
NZD/USD daily chart
The Kiwi dollar has performed much better than its major counterparts against the US dollar resurgence on Wednesday. The recovery in the greenback has been fueled by hopes of a fiscal deal but today’s disappointing ADP data did go some way to stem the price rise. Interestingly, this strength comes despite a dovish RBNZ and maybe that will prevail over time.
Looking at the chart, the price has stopped close to the black line at 0.6792. The resistance level also matched up with the red trendline connecting the peaks of the recent wave highs. If the resistance level does break to the upside then the next tough point for the bulls could be the green line at 0.6950 which was a resistance in the past.
The indicators are looking bullish at the moment. The Relative Strength Index is at the overbought zone at the moment. The MACD signal lines are above the midpoint and the histogram is firmly in the green. Although this is an uptrend the Relative Strength Index is showing there could be a divergence forming.
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