New Zealand Dollar shows resilience against US Dollar

The NZD/USD currency pair, often referred to as the ‘Kiwi’, has demonstrated technical resilience following recent market volatility. Despite weaker employment data from New Zealand, buyers successfully defended a key support floor near 0.5579.

A rebound occurred as the market reacted to US election results, allowing the pair to break above its 100-hour moving average near 0.5622. However, the upward momentum faced resistance at the 200-hour moving average near 0.56418.

For a sustained bullish trend, traders are looking for the pair to establish support above current resistance levels. If the 200-hour moving average is breached, the next targets include the 0.56681 to 0.56860 range and potentially 0.57085. Conversely, maintaining the level above 0.5579 remains critical for preventing a move toward 0.556.