NZD/USD climbs Wednesday on Dollar dump, holding steady at the top

  • NZD/USD catches a lift on US inflation, US Dollar dump.
  • Small pullback on thin volume heading into Europe markets.

The Kiwi is off its recent two-week high of 0.7395, trading near 0.7373 ahead of the European markets.

NZD/USD has closed higher for four straight trading days, accelerating gains on Wednesday following the US inflation figures that sent the Greenback tumbling. The pair has erased the decline that started in early February, and is set to  begin trading back into new highs if confidence holds, but the Kiwi got another fundamental bump today after Fitch affirmed New Zealand's AA rating. 

NZD/USD Technicals

The pair is still trading close to yesterday's high of 0.7379, with intraday support/resistance priced in at 0.7335 and 0.7395 respectively; on H4 charts the Kiwi is approaching a heavy resistance zone from 0.7405 to 0.7435, and a continuation of bulish momentum will need to break this level decisively. Daily candles show the 34 EMA still above the 200-day SMA and gaining ground, while a bullish trend will have to contend with long-term resistance at 0.7557.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.