NZD/USD closes in on one-month high on more upbeat risk mood

Technical Analysis

Author: Justin Low | nzdusd

NZD/USD is up by 0.5% today, closing in on the 4 November high @ 0.6466

NZD/USD D1 02-12
The kiwi is continuing to push higher on the day, with the more positive risk backdrop helping the currency as NZD/USD pushes past the 100-day MA (red line) towards the 4 November high @ 0.6466 at the moment.

The key resistance level has been a level that sellers have leaned on for the better portion of the last four weeks but that stubbornness appears to be giving way now.

Beyond that, there are a couple of minor resistance points closer towards 0.6500 but we could be eyeing a more positive technical setup for the pair as long as US-China trade talks doesn't end up with a total meltdown in the short-term.

AUD/NZD D1 02-12
The more evident posture of strong kiwi flows over the past two weeks have been in AUD/NZD as the pair slides back under 1.05 for the first time since August.

If sellers (NZD buyers) can hold a break below, we could see further acceleration to the downside in AUD/NZD and that may help to underpin the kiwi further in the short-term.

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