NZD/USD supported above 0.7240

NZD/USD is falling marginally on Friday, on the back of a stronger US dollar across the board. The pair managed to move off daily lows and is consolidating weekly gains.

During the Asian session it bottomed at 0.7239, the lowest level in two days, but then it quickly rose back above 0.7240. During the last hours it has been trading steady in the market moving in a range between 0.7270 and 0.7250.

From the level it had a week ago, NZD/USD is up almost a hundred pips. The pair continues to trade near 2016 highs that are located at 0.7337. Among commodity currencies, the kiwi has been the best performer during the last five days.

Levels to watch

To the upside, resistance levels could be seen at 0.7280 (daily high), 0.7305/10 (Aug 17 high) and 0.7337 (2016 high). Ont he opposite direction, support might lie at 0.7240 (daily low), 0.7200 (Aug 17 low) and 0.7165 (Aug 15 low).