NZD/USD: can the bird get above 0.7280 and close with higher highs?

Ross J Burland FXStreet

Currently, NZD/USD is trading at 0.7263, down -0.01% on the day, having posted a daily high at 0.7269 and low at 0.7262.

Market Wrap: US dollar index is unchanged on the day - Westpac

NZD/USD was a choppy bid overnight, consolidated so far in today's early Asian session ahead of the Tokyo open. The dollar was basing for the day but the relief in that the RBNZ did not spring a dovish surprise yesterday lifted the Kiwi but analysts at Westpac suggested that it should be capped by 0.7300 today.

NZD/USD 1-3 month:

The analysts at Westpac explained that the Fed’s tightening cycle plus US fiscal expansion should eventually reassert upside pressure on US interest rates and the US dollar, pushing NZD/USD below 0.6800 by year end. "US factors should outweigh local factors which are mostly supportive."

NZD/USD levels

NZD/USD managed a score through the 0.7250 mark again but still falls shy of the key 0.7280 upside target. To the downside, 0.7200 guards 0.7145 and a break back below 0.7080/90 are key near-term downside areas. On the wide, the 0.7375 YTD highs are a key target to the upside and to the downside, a break below 0.7080/00 opens 0.6970.

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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