After the RBNZ decided to leave rates on hold at 2.25% there has been a surge in kiwi strength, taking NZDUSD from 0.702 up towards the Weekly 50 MA at around 0.71500 (red line - psychological level). Where price is currently stalling and there is most likely some profit taking occurring as well, furthermore there is a Weekly resistance area just above the current 0.71480 highs and within this resistance area there is also the upper trendline of the ascending channel that could also prove to be a big hurdle for the bulls going forward.
Looking at the downside and the most appropriate levels to keep an eye on for potential longs would be the 38.2% and 78.6% Fibonacci levels which both coincide with Daily support areas.
Looking at the downside and the most appropriate levels to keep an eye on for potential longs would be the 38.2% and 78.6% Fibonacci levels which both coincide with Daily support areas.