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NZD/USD rises to 2-week high as Greenback retreats

FXStreet (Córdoba) - The kiwi rose further against the US dollar at the beginning of the European session and printed a fresh daily high at 0.7973, the strongest level since September 25.

NZD/USD is rising for the second day in a row and continues to rally from 0.7710 on the back of a decline of the US dollar across the board, that is making a considerable bearish correction.

NZD/USD holding above 0.7900

The pair is trading around 0.7950, consolidating gains and remains near the highs. It has been able so far to hold above an important resistance level (now support) located around 0.7900 - 0.7920 that capped the upside last week.

The short term outlook favor the kiwi but on a long term perspective the trend continues to point to the downside.

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