FXStreet (Mumbai) - The New Zealand dollar continues to outperform its American counterpart into a fifth straight session on Monday, with NZD/USD reaching fresh five-week highs in the upper band of 0.64 handle.
NZD/USD supported above 50-DMA
Currently, the NZD/USD pair trades 0.42% higher at fresh multi-week highs of 0.6473, storming its way through the 50-DMA located at 0.6430. The Kiwi is currently making fresh highs and aims to breach the key resistance zone around 0.6480-0.6490 region on its way higher beyond 0.65 barrier.
The Kiwi bulls remain in the drivers’ seat as the greenback continues to suffer from poor non-farm payrolls result due out on Friday, which now diminishes chances of the Fed rate hike this year.
While the NZD/USD pair completely shrugged off a subdued outlook on the New Zealand’s economy published by the NZ Treasury earlier on the day. The treasury departed stated that the economy is exposed to downside-risks in the near-term.
Meanwhile, the focus now shifts towards the US ISM non-manufacturing PMI report ahead of the key NZ events due tomorrow.
NZD/USD Levels to consider
To the upside, the next resistance is located at 0.6481 (Aug 31 High) levels and above which it could extend gains to 0.6500 levels. To the downside immediate support might be located at 0.6430 (50-DMA) below that 0.6407 (Aug 26 Low).
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