NZD/USD trading up in Asia, looking to vault 0.7270 heading into Europe

NZD/USD capitalizing on USD weakness as risk aversion bites.
Thin Asia markets capitulating ahead of Europe markets.

Joshua Gibson FXStreet

NZD/USD is catching a bid in the Tokyo session, currently trading near 0.7260 ahead of the European market open.

Underlying fundamentals in the New Zealand economy are unlikely to be behind this move, as the US Dollar is retreating broadbase as risk aversion returns once again, knocking the top off the Nikkei Index and sending the Yen climbing as the markets' safe haven of choice.

NZD/USD Technicals

Intraday action still faces support/resistance from 0.7249 and 0.7275 respectively, with a floor on bearish action currently priced in at 0.7192, while resistance will give any bullish moves a challenge from the 0.7300 psychological handle.

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

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