NZD/USD climbing through Tokyo, pushing to 0.7430 ahead of Europe

NZD/USD continuing to climb ahead of Europe.
Kiwi set to close another bullish week.

Joshua Gibson FXStreet

NZD/USD is up ahead of the European session, close to 0.7425 on thin market volumes.

Following an upbeat Business PMI release for New Zealand that saw a 55.6 reading, a clean beat over the previous 51.2, the Kiwi is the darling of the Antipodeans, gaining over the US Dollar and falling less against the strengthening Yen.

With New Zealand's economy growing at an improving clip and confidence increasing, NZD is doing very well for itself, climbing against the Greenback and closing higher for seven out of the last ten trading weeks against the US currency, and on pace to make it eight.

NZD/USD Technicals

The Kiwi is up five straight days, soundly rejecting support at the 34 EMA, and a break above 0.7436 will see the pair trading at 30-week highs. Intraday bearish moves will find stacked support from 0.7411, 0.7367, and 0.7335, while the major challenge for bullish continuation will be January's swing high of 0.7436.

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

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