December 9, 2022

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NZD/USD climbs to highest since mid-June as kiwi bulls stay poised for a further upside break

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NZD/USD is up 0.3% on the day, trading to its highest since 16 June

NZD/USD D1 03-09

The aussie and kiwi are the two movers so far on the session, as they are continuing their good form over the past two weeks in pushing higher against the dollar.

The moves aren’t much (AUD/USD pushing past 0.7400 and testing resistance at 0.7427.

Meanwhile, NZD/USD is climbing to its highest since mid-June and is staying in the hunt of a break of its 200-day moving average (blue line) @ 0.7113 today.

Keep above that and the bias in the pair turns more bullish as buyers establish more control, leaving room to run back towards the May highs around 0.7300.

Of course, the caveat for the early move today is the US non-farm payrolls data later but at least the kiwi side of the equation is looking more positive this week.

New Zealand seemingly looks to have gotten the latest COVID-19 outbreak under control and that is seeing RBNZ rate hike expectations (perhaps even 50 bps) coming back to the fore going into the October policy meeting.

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