Short-term bullish bias
Key levels: downside: 0.6810 / upside: 0.6850
The kiwi has been rising up along a clearly defined trendline. The price found strong buying interest after its fourth attempt on this robust support level. We can expect the price to climb higher as long as the trendline remains intact.
On the 4H chart, the bulls have pushed above the immediate resistance of 0.6828 and are now testing the 30-period MA. The doji near the resistance is a sign that the buying pressure has eased and a pullback is likely. On the hourly chart, the bullish MA cross combined with the new high above 0.6828 is a strong indication that the price has picked the upside in the short-term.
The current retracement could test the key support area between 0.6800 and 0.6810. An extended rally could break above 0.6850.
