The New Zealand dollar inched higher after the Q2 GDP beat expectations.
The bulls are looking to consolidate their gains after they cleared the daily resistance at 0.7100. A bullish MA cross on the daily chart indicates a bullish bias. However, the kiwi’s struggle to stay above 0.7100 is a sign of overextension in the short term.
A controlled pullback is necessary to gather momentum after a rebound stalled at 0.7150. 0.7055 is the immediate support. Then the psychological level of 0.7000 is a crucial floor.
