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NZDUSD overview 21.05.2021

NZDUSD rises on dollar weakness.

NZDUSD continues to rise today under the effect of the widespread dollar weakness as the markets are continuing to move out of the U.S. dollar on the expectations Fed will not hike the interest rates any time soon. Apart from that, the oil being near $70 a barrel and the reopening of economies lifting industrial metals to record highs – added to the bullish pressure on commodity-linked currencies like kiwi and the aussie. New Zealand’s virus-handling strategy has delivered an economic recovery way ahead of expectations, meaning it may soon start to plan rate rises – which is also adding to the bullish pressure on NZDUSD.

Except buyers on downward corrections.

Next resistance to watch – 0.7270

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