NZD/USD jumps to fresh 2-week tops, US inflation in focus

Haresh Menghani FXStreet

• Defies a goodish pickup in the USD demand.
• Traders shrug off an uptick in the US bond yields.
• US CPI print should provide a fresh directional impetus.

The NZD/USD pair caught some strong bids on Tuesday and is currently placed at fresh two-week tops, around the 0.7330-35 region.

After yesterday's good two-way price action, above 50-day SMA, the pair regained positive traction on Tuesday and shrugged off a goodish pickup in the US Dollar demand.

Even a modest uptick in the US Treasury bond yields, which tends to drive flows away from higher-yielding currencies - like the Kiwi, also did little to stall the pair's bullish trajectory to its highest level since Feb. 26.

It, however, remains to be seen if bulls are able to maintain their dominant position or the up-move fizzles out amid weaker sentiment around commodity space and some repositioning trade ahead of the latest US consumer inflation figures, due later in the day.

Technical levels to watch

Immediate resistance is pegged near 0.7345-50 area, above which the pair is likely to make an attempt towards reclaiming the 0.7400 handle. On the flip side, the 0.7300 handle now becomes an immediate support to defend and is closely followed by 50-day SMA near the 0.7285-80 region.

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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