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NZDUSD overview 09.11.2020

NZDUSD surges on Biden’s victory and vaccine news.

NZDUSD rising steadily expressing the markets’ relief at Biden’s election as the U.S. president – which is squeezing out safe-haven dollar longs previously installed versus the riskier currencies like the New Zealand dollar and the Australian dollar. Both of these currencies – being the risk-on barometers are rising strongly today. The additional factor boosting the risk-on sentiment is the latest announcement by Pfizer that its experimental vaccine was more than 90% effective in preventing COVID-19, potentially a big move forward in the fight against the pandemic – rising hopes the lockdown measures installed worldwide will be lifted earlier. Technically driven buying after the breakout of the key resistance 0.6795 is also pushing NZDUSD up.

Next resistance to watch – 0.6930 (March’s high from 2019)

Expect buyers on downward corrections.

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