The NZD/USD pair refreshes two-week high near 0.5980 in Monday’s European session.
NZD/USD trades close to a two-week high around 0.5980 amid improved market mood. The US Dollar drops ahead of the Fed ’s policy meeting, scheduled for May 1. NZ Q1 Employment data will guide the next move in the Kiwi Dollar. The Kiwi asset is up 0.55% as appeal for risk-sensitive assets is upbeat. The US Dollar drops as weak United States data has raised concerns over its economic outlook. The US Dollar Index remains near the key support of 105.
The Kiwi asset rebounded after a Double Bottom formation, which lead to a bullish reversal emerges. The asset has extended its upside above the horizontal resistance plotted from April 1 low around 0.5939, which has become a support for New Zealand Dollar bulls. The near-term outlook improves as the asset holds gains above the 20-period Exponential Moving Average around 0.5950. The 200-EMA around 0.5990 is still a major roadblock for the New Zealand Dollar bulls.
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