NZD/USD Chart Technical Outlook is gaining upside traction on risk appetite and good news from China
The New Zealand Dollar is trading on a strong note on Tuesday, buoyed by a higher appetite for risk, buoyed by news about further stimulus measures in China, a key trade partner, and concerns about higher rate hikes fading while the situation in Russia settles after a failed mutiny over the weekend.
In this context, the Kiwi is regaining lost ground against the safe-haven US Dollar, although the scenario can easily change as key US indicators, like Durable Goods Orders, due later today, housing data or inflation figures later this week might revive hopes of two more Fed hikes, which is likely to boost the USD.
A look at the four-hour chart shows the pair trending lower, with upside attempts capped below a descending trendline. Resistance levels are 0.6245 and 0.6305. Supports are 0.6115 and 0.6060.