- Kiwifruit found support amid risk appetite, but remains within range.
- NZD / USD with a modest bullish bias, needs to consolidate above 0.6700.
The NZD / USD It fell in the early hours of Wednesday approaching 0.6600 but then rebounded, affected by the results of the US elections. Wednesday’s engine is the US dollar, rather than risk appetite. Stock prices on Wall Street are rising sharply, but commodity currencies only moderately.
The Short-term bias in NZD / SUD points slightly to the upsideas it continues to be supported by a trend line and also by the 100-day moving average around the 0.6610 area. A consolidation below 0.6600 should lead to further losses, targeting 0.6500, with provisional support at 0.6560.
The kiwi needs to break through the 0.6720 resistance area and hold firm above to clear the way for more gains and potentially test the September high near 0.6800, the next key barrier.
Daily chart NZD / USD
Credits: Forex Street
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