NZDUSD has made a new 5-week high today as the price climbed above the $0.6400 mark. The major resistance block is located just 20 pips higher as all commodity currencies trade higher against the USD buoyed by improved investor appetite for riskier assets.
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The improved risk appetite has seen commodity currencies higher today, with the kiwi making biggest gains against the USD. The price has climbed above the $0.6400 mark for the first time in the previous 5 weeks, despite the lower-than-expected consumer spending data for September. The data came in at 4.8%, compared to 6% registered in September.
On the upside, the bulls are bracing for a test of the major resistance block, sitting between $0.6430 – $0.6450. The 100 DMA comes at $0.6481, a few pips below the previous swing low of $0.6485.
The 4-year low of $0.6204 will continue to act as the major prize for the bears having in mind that the last time the NZDUSD traded below $0.6197 was back in 2009.Download our latest quarterly market outlook for our longer-term trade ideas.
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