NZD/USD hits fresh highs above 0.7300, key resistance

Matías Salord FXStreet

NZD/USD is trading again above 0.7300, that is a key technical level. The pair bounced to the upside after the beginning of the American session breaking on top of last week highs.

Price reached recently 0.7309, the highest level since June 13 and currently trades at 0.7300/05. The pair is rising for the fourth day in a row, supported by risk appetite.

Today the up-move was also boosted by weaker-than—expected US economic data. Durable goods orders fell 1.1%, more than expected, the Chicago Fed Activity Index dropped surprisingly below 0. The greenback weakened in the market after the numbers.

US Durable Goods Orders: Details disappoint - Wells Fargo

Levels to watch

NZD/USD is again above 0.7300; if the pair is able to consolidate on top, not being rejected (like last week), it would open the doors to more gains. The next resistance might be seen at 0.7320 (last week high) and 0.7345 (Aug 8 & 23 high). On the downside, support could be located at 0.7295 (June 23 high), 0.7260 (Jun 26 low) and 0.7245.

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

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