The NZD/USD pair refreshes its 10-week high at 0.6165 in Tuesday’s European session.
NZD/USD strengthens on weak US Dollar and China’s announcement of stimulus to revive property sector. Market speculation for Fed reducing interest rates from September has weakened. NZD/USD approaches the crucial resistance of 0.6220. The Kiwi asset strengthens on multiple tailwinds such as soft US Dollar and China’s announcement of fresh stimulus measures to boost demand for its beleaguered housing sector.
On the domestic front, investors await the NZ Budget Release that will indicate the scale of spendings, borrowing and revenue collection by the government. NZD/USD is approaching the horizontal resistance plotted from February 22 high around 0.6220. The Kiwi asset strengthened after a bullish crossover of the 20 and 50-day Exponential Moving Averages around 0.6020, which suggested that a bullish trend has been triggered.
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