Ongoing strength seen in the industrial metals and oil prices supporting the resource-linked Kiwi.
- NZD/USD rebounds higher this session, extending bounce from trendline support at 0.6565 on Friday.
- Price action is holding above daily cloud, with cloud top at 0.6632 offering strong support.
- Techs are inconclusive, the pair has been trading a symmetrical triangle pattern and breakout on either sides will confirm further direction.
- Markets now focus on the crucial US prelim GDP data due later this week for fresh incentives on the pair.
Resistance Levels:
R1: 0.6667 (Jan 7th highs)
R2: 0.6676 (Double top Feb 15th and 16th)
R3: 0.6694 (Feb 10th highs)
Support Levels:
S1: 0.6632 (Cloud top)
S2: 0.6625 (5-DMA)
S3: 0.6605 (Feb 18th lows)
