- NZD/USD edges higher on the day, extending rebound from 0.6963 levels to hit session highs of 0.7123.
- Broad-based US dollar weakness along with rallying oil and commodity prices supporting the resource-linked currencies.
- However, data released earlier today showed Westpac New Zealand’s consumer confidence has fallen for a second quarter to 106.0 in June (versus 109.6 in March).
- NZD/USD halts upside at 0.7123 and has retreated to trade around 0.7112 levels.
- Techs support upside in the pair. Last week’s GDP figures revealed the economy is actually growing at a firm pace, with growth in the year to March coming in at 2.4%.
- A decisive break above 0.7121 could see gains upto 0.7148 and then 0.72 levels.
Recommendation: Good to buy breakout above 0.7125, SL: 0.7050, TP: 0.7150/ 0.72
