The dollar is breaking down across the board and one of the main beneficiaries today is the kiwi. A better risk mood is also helping as NZD/USD is up 0.9% to 0.6350 levels despite the RBNZ keeping interest rates unchanged yesterday.
NZD/USD daily chart
The jump higher this week has a lot to do with the dollar slide and the push away from the 100 (red line) and 200-day (blue line) moving averages is affording buyers with some breathing room to explore now.
The upside move is not lacking in momentum as there is little technical hurdles to get through from 0.6200 to current levels. The next big one to watch will be the April and May highs around 0.6380-85 with the 9 and 14 February highs at 0.6390 also adding to that resistance layer.
If buyers can break through that, it tees up another test of the 0.6500 mark next for the pair with the 100-week moving average also drawing closer at 0.6442 currently.