The New Zealand dollar rallies against a muted greenback as traders await this week’s Fed meeting. The pair is testing the 30-day moving average on the daily chart.
The bearish bias would make a rebound an opportunity to sell into strength. However, the break above the psychological level of 0.7000 gives buyers a glimmer of hope.
They will need to clear the major hurdle at 0.7040 to expect a turnaround. Otherwise, a fall below 0.6945 may resume the sell-off, and 0.6810 would be the next target.
