FXStreet reports that economists at Société Générale expect the kiwi to extend its up move beyond the 0.6980 mark towards the 200-day moving average (DMA) at 0.7110 and potentially 0.7180/0.7215.
“The kiwi has carved out a higher trough at 0.6860 recently. So long as this doesn’t get violated, the bounce is expected to persist.”
“A move beyond 0.6980, the 38.2% retracement from September can take the pair towards a multi-month descending trend line near 0.7110 which is also the 200-DMA with next hurdle at September high of 0.7180/0.7215.”
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