NZD/USD is on fire! break of 0.85 allows 0.8560/70 (Barcelona) - The Kiwi continues on fire, after yet another upbeat economic indicator, this time retail sales in New Zealand, helping to catapult the rate to a new trend high of 0.8530, well on track to meet next upside targets.

As mentioned yesterday, the bullish case on the Kiwi had strengthened following the break-up of a pennant pattern, which was quickly followed by an upside resolution above the 0.8480 resistance area, suggestive that the upside scope could be extended.

The latest bull run off 0.8450 Thursday's intraday low to new highs at 0.8532 - so far - comes after an hourly 70pips bullish bar engulfing the last 220 hours of price action, a strong signal that bulls have come back strong. For trend-following systems, the neat break above 0.8500 is now an opportunity to target 0.8565/70 - Aug 2011 high - ahead of 0.86-

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