NZD/USD: consolidates, eyeing 0.7485

Ross J Burland FXStreet

Currently, NZD/USD is trading at 0.7436, down -0.04% on the day, having posted a daily high at 0.7441 and low at 0.7431.

NZD/USD is making a fresh high out of the consolidation range of overnight in lightly traded markets. There are early signs of a possible top ahead of 0.7485 (Sep 16 peak) explained analysts at Westpac who hold a neutral outlook for today.

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NZD/USD 1-3 month:

On a wider outlook, the analysts 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 to 0.6800 by year end. US factors should outweigh local factors which are mostly supportive.

NZD/USD levels

0.7460 was Friday's 10-month high while 0.7485 (the September high) remains the resistance thereafter. Supports are 0,7420, 0.7386, 0.7280, (11th July high), 0.7205/06 June 22/21 lows; 0.7186 June 15 low; 0.7150 June 5 high; 0.7127 June 6 low. On the wide, on 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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