NZD/USD: Chinese Support Boosts New Zealand Dollar Amid Commodity Rebound

The New Zealand dollar got a boost after Chinese leaders signal more support is coming to the economy at this week’s Politburo meeting. Commodity prices across the board got a boost and that helped the kiwi-dollar end its six-day decline. The New Zealand might start looking attractive again as long as the Fed does not signal a hawkish skip and trigger a massive move back into the greenback. Major support lies at the 0.6150 region, but if bearish selling accelerates, prices might not find support until the 0.5900 level, which could potentially form a bullish Gartley pattern.
If bullishness returns to the kiwi, further upside could eye a return towards the 0.6400 area. Major resistance would like at the 0.6550 level.