NZD/USD consolidates in 0.6875 area after impressive, dollar weakness driven two-day run higher from under 0.6800

s unable to force a test of the 0.6900 level. On the day, the pair trades about 0.4% higher, taking its on the week gains to about 1.5%, the best week for the pair since early October. Broad dollar weakness that on Thursday saw the dollar index drop to fresh two-month lows underneath the 95.00 level has been the principal driver of NZD/USD’s recent turnaround higher.

Various Fed members have spoken public so far this week and all are on board with the notion that accommodation should be quite swiftly removed this year, with most also open to the idea of lift-off in March. Some have said they could support four rate hikes this year if warranted and this seems to now be the base case expectation of most major US banks and analysts. All of the above might typically be expected to boost the buck, but the opposite has occurred.

If the latter camp is correct, NZD/USD recent rally to the upper 0.6800s may prove short-lived. But from a technical perspective, it is impressive how the pair has managed in the last two sessions to break above key levels of resistance. After breaking out of a short-term bearish trend channel on Wednesday that was holding it under 0.6800, NZD/USD has since rallied to multi-week highs above a key level of long-term support turned resistance in the 0.

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