NZDUSD trades at highest level since June 2018
The price of AUDUSD and NZDUSD are moving to new session highs. The currencies seem to be cheering on a slowdown in Covid and hopes for vaccines solving the global problem. The NZD is also been helped after comments early this week that the RBNZ may look to house prices more in monetary policy decisions. That may lead to relatively higher rates as a result. The NZD is trading at its highest level since June 2018 and is getting closer to the high price from that month at 0.70592.
The gains come despite Gold prices moving sharply lower. On the other side is commodity such as copper are trading at the highest level since 2014. Gold may be more of a risk off trade. Technically, the price of gold also fell below the $1800 level today which rose key technical support level.
Looking at the NZDUSD , the high price has reached 0.7036. As mentioned the next target comes in at 0.70592. That is the high price from June 7, 2018. A move below opens the door for further upside momentum.
Drilling to the hourly chart, the price low in the London morning session stalled against the rising trend line on the chart (see red numbered circles). It also stalled within a swing area defined by the 0.7004 to 0.70139 area (see lower yellow area in the chart below). A move higher would target the resistance from the daily chart at 0.7059 along with a topside channel trendline at 0.70545 currently (and moving higher).
Looking at the AUDUSD, the daily chart shows the pair trading at the highest level since September 1. That level reached 0.74128 and represents the highest price since August 2019. The high price today is also testing the swing hi from December 3, 2018 at 0.73927. The high price for the day so far has reached 0.73939.
Drilling to the hourly chart for the AUDUSD, the price has just moved above a topside trend line on the chart at 0.7387. More bullish. The lows today stalled ahead of a rising trend line and remained also above its 100 hour moving average (blue line currently at 0.73471).