NZD/USD moved uphill on Wednesday, even as.....>

KIWI: NZD/USD moved uphill on Wednesday, even as its road was a bit bumpy.

Positive surprises in U.S. economic data triggered a fresh upswing in U.S.

hours, which was aided by good news on coronavirus vaccine trial performed by

Pfizer & BioNtech. As a result, NZD/USD finished the day higher.

- Per Barfoot's update released this morning, average house prices in Auckland

increased 1.4% Y/Y last month. Despite pick up in breakdown data, Barfoot said

"it is far too early to see this as an indicator that the property market will

defy forecasts and ride out of the Covid-19 pandemic unaffected".

- NZD/USD sits at $0.6479, a touch higher on the day. A rally above Jun 23 high

of $0.6533 would clear the way to the key near-term resistance, located at

$0.6584 (Jun 10 high). Bears see Jun 22 low of $0.6377 as their initial target

and a fall below there would expose the 200-DMA at $0.6329.

- Nothing much left on NZ calendar this week, which turns focus to broader

picture developments and Friday's Chinese Caixin Services/Composite PMIs.