NZD/USD hits one-year high level of 0.7150

After bottoming out at 0.7100 level a fresh bout of buying interest boosted the NZD/USD pair to session high level, with RBNZ swing high now a whisker away. 

The pair continues to attract buying interest on every dip and is now headed higher for fifth consecutive day as receding Brexit fears continues to boost investor risk appetite for riskier asset class, like commodities, and for high-yield, commodity-linked currencies, like the Kiwi.

With no economic data scheduled for release from New-Zealand, the pair is likely to derive movement from the risk sentiment surrounding the Brexit referendum and overall trend adopted by the greenback. From the US, traders will focus on the Fed Chair Janet Yellen's testimony, later during NY session, which could trigger some volatility in the pair.

Technical levels to watch

Momentum above 0.7150-70 area is likely to get extended, beyond 0.7200 handle, towards 0.7235-40 resistance area ahead of 0.7300 handle resistance. On the flip side, 0.7100 round figure mark now seems to have emerged as immediate support. Failure to hold this immediate support could drag the pair back towards 0.7050 support.