- NZD/USD ups for the fourth day in a row, accelerates upside.
- DXY tumbles toward 2020 lows, while NZD rises across the board.
The NZD/USD rose further during the American session and climbed to 0.6733, reaching the highest intraday level since December of last year. It remains near the highs, holding onto weekly gains. The Kiwi is among the top performers across the board on Friday and over the week.
The rally of the New Zealand dollar gained momentum after Powell’s remarks on Thursday and on Friday it climbed even further, supported by a stronger NZD and by technical factors.
While the DXY falls 0.70%, approaching to recent lows the kiwi is outperforming, being the biggest gainer of the week. NZD/USD is having the best weekly result since May and the highest close in more than a year.
Levels to watch
The consolidation around current levels points to further gains in NZD/USD. The next stronger resistance is located at 0.6785/90 (July 2019 high). On the flip side, now 0.6690 is the immediate support. A slide under 0.6640 would negate the current bullish bias.