- Kiwi continues to pressure the 0.6600 area, unable to break higher.
- Highest weekly close since January supports NZD/USD bullish bias.
The NZD/USD continues to trader near 0.6580/0.6600 but unable to break clearly above. Such a breakout is needed for the kiwi to gain strength and extends the rally toward 0.6700.
The daily chart shows some exhaustion signs for NZD/USD, as the Momentum indicator turning south, still price remains well above its key moving averages. The key support is seen in the band 0.6490 (horizontal support) and 0.6480 (20-day moving average).
The kiwi is about to post the highest weekly close since January and it points to more strength ahead. The bullish momentum in the weekly chart will hold as long as NZD/USD does not post a close under 0.6500.
NZD/USD daily chart