- The New Zealand dollar rose to hit seven-week highs on Wednesday boosted by a solid rise in dairy price
- GlobalDairyTrade Price Index rose 9.9% at the latest Fonterra auction, climbing of the fourth event in a row
- The kiwi had already gained nearly 1 percent on Tuesday and last stood at 0.6543, momentum is bullish and 0.6685 (Aug 28 highs) could be in sight
- Price action has edged above the cloud, daily Stochs and RSI are at overbought could see some unwinding
- Long term trend is bearish, but breaks above 100 DMA at 0.6663 could tilt momentum in favour of bulls for a short term
- The pair is currently trading at 0.6589, with immediate resistance at 0.6640 (Aug 13 highs) and support at 0.6562 (Could base)
R1: 0.6640 (Aug 13 highs)
R2: 0.6645 (Aug 20 highs)
R3: 0.6663 (100 DMA)
Support Levels:
S1: 0.6562 (Could base)
S2: 0.6534 (day's low)
S3: 0.6494 (55EMA)


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