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Kiwi Extends Bullish Run To Three Consecutive Sessions

NZD

NZD/USD pushed higher on Tuesday, meeting resistance at $0.6376. The upswing was driven by positive news from China, as Shanghai recorded its third day without community transmission of COVID-19 & hope for reduced regulatory burden for the local tech sector was evident.

  • The rate last deals at $0.6361, barely changed on the day. Bulls need a clearance of May 11 high of $0.6380 before setting their sights on May 5 high of $0.6568. Conversely, the initial bearish target is provided by the 61.8% retracement of the 2020 - 2021 rally ($0.6232).
  • Dairy prices fell for the fifth consecutive time at yesterday's GDT auction, with whole milk powder down 4.9%.
  • Quarterly PPI (Thursday) as well as trade balance & credit card spending (Friday) will take focus during the remainder of this week.
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NZD/USD pushed higher on Tuesday, meeting resistance at $0.6376. The upswing was driven by positive news from China, as Shanghai recorded its third day without community transmission of COVID-19 & hope for reduced regulatory burden for the local tech sector was evident.

  • The rate last deals at $0.6361, barely changed on the day. Bulls need a clearance of May 11 high of $0.6380 before setting their sights on May 5 high of $0.6568. Conversely, the initial bearish target is provided by the 61.8% retracement of the 2020 - 2021 rally ($0.6232).
  • Dairy prices fell for the fifth consecutive time at yesterday's GDT auction, with whole milk powder down 4.9%.
  • Quarterly PPI (Thursday) as well as trade balance & credit card spending (Friday) will take focus during the remainder of this week.