NZD/USD rises to a session high of 0.6798
The kiwi is inching higher on the day as risk sentiment is turning for the better with European stocks now inching towards positive territory while US equity futures have also turned things around moving from 0.1% lower at the start of European trading to now being 0.3% higher:
As for NZD/USD, price is now running into resistance from the 61.8 retracement level @ 0.6795 as well as the 0.6800 handle. The kiwi has been on a solid run to the upside today after benefiting from a slightly more upbeat CPI report in Asian trading but also benefiting from the relative strength in the Chinese yuan today. Add a more positive risk tone to the mix and it will do the current rally no harm at all.
Price has climbed back above the 200-hour MA (blue line) earlier today and that means buyers are now in near-term control. A break and hold above 0.6800 would be a good platform to threaten the 15 January high @ 0.6849.
Although risk is seen improving now, Wall St will have the final say at the end of the day so let's see what they have to offer later in US trading.
