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NZD/USD: Momentum turns higher above 0.78

FXStreet (Bali) - NZD/USD bearish sentiment has abated in the last few days, with the exchange rate finding buying interest in the 0.77-0.7750 vicinity, allowing the current pricing to oscillate above 0.78 now.

Monday's report that Sri Lanka had halted some Fonterra products after some consumers came down sick, saw the rate retest bids neat 0.77, however, a brad-based USD retracement - corrective in nature - led the Kiwi to establish a brief high of 0.7867 before current 0.7825.

Jim Langlands, Founder at FXCharts, notes: "Further short term gains look possible now as momentum turns higher and above the session high would hint at a run back to 0.7900 and possibly to 0.7925. The downside will find bids at the 100 HMA at 0.7815 and again at 0.7800."

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