The New Zealand Dollar is climbing on Wednesday after recovering from an early session setback, putting it in a position to challenge its highest level since March 2019. The Kiwi continued to be supported by coronavirus vaccine hopes after Moderna Inc announced encouraging preliminary results in the fight against the coronavirus pandemic on Monday. This followed a similar announcement by Pfizer/BioNTech last week.
At 07:58 GMT, the NZD/USD is trading .6911, up 0.0019 or +0.27%.
What's next?
Taking out .6939 could create enough upside momentum to trigger an acceleration. The daily chart indicates no meaningful resistance until .7061.
A move through .6919 could trigger a surge into the March 21, 2019 main top at .6939. Taking out this level could create enough upside momentum to trigger an acceleration to the upside. The daily chart indicates there is plenty of room to the upside with the next major target the June 6, 2018 main top at .7061.
On the downside, the key level to watch is the minor pivot at .6865. Taking out this level could trigger an acceleration to the downside with the next target the minor bottom at .6811. This is a potential trigger point for an acceleration to the downside with .6754 the next likely downside target.
Original analysis: https://www.fxempire.com/forec...
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