Since the onset of the Russia-Ukraine conflict, NZD/USD has reversed its course from a 0.6530 low to see gains around 3%. The kiwi is now approaching cloud resistance at 0.7024. Above here lies a resistance zone at 0.7074-0.7108, Benjamin Wong, Strategist at DBS Bank reports.

Still grinding higher

“NZD’s uptrend remains intact given a move over 200-day moving average 0.6911 which places a potential test of weekly Ichimoku cloud resistance at 0.7024. The latter opens up further at a resistance zone at 0.7074-0.7108.”

“Further upside wiggle room is to be expected before NZD runs off its tarmac in May – May is typically a weaker month for NZD bulls to navigate.”