FxWirePro: NZD/USD hits new 2-year high, hints of RBNZ's remit change and risk-on support gains

NZD/USD chart - Trading View 

NZD/USD spikes over 0.80% on the day to hit new 2-year high, outlook remains bullish.

Hints of the Reserve Bank of New Zealand's (RBNZ) remit change and risk-on support gains.

Kiwi bulls cheer news that the New Zealand Government is mulling to include stability in house prices as a factor in the RBNZ remit while formulating the monetary policy. 

Latest comments from US President Donald Trump, laying the ground for the formal transition of powers to President-elect Joe Biden also supported risk-on.

Rising odds of the much-awaited US coronavirus (COVID-19) stimulus and chatters over ex-Fed Chair Janet Yellen’s likely role as a Treasury Secretary adds to the positive mood.

NZD/USD resumes upside after brief pause on Monday. The pair trades with a strong bullish bias. 

The pair is extending gains above 200W MA and is in the green for the 4th straight week. Price is on track to test 78.6% Fib at 0.7111.

On the flipside, 5-DMA is immediate support at 0.6930. Break below could see minor weakness. Retrace below 200W MA will negate any bullish bias.