NZD/USD: Bulls in control, 0.7300 – a whisker away

The offered tone behind the US dollar gathers steam, now pushing NZD/USD beyond yesterday’s top of 0.7278 en route 0.73 handle.

NZD/USD awaits US dataflow

The spot extends its rebound from ahead of 0.72 handle for the third straight session, as commodity-currency flexes its muscles on the back of a recovery in oil prices from multi-month troughs.

Moreover, aggressive selling seen in the US dollar against its main competitors, also collaborates to the bullish momentum seen in the Kiwi.

The Antipodean was one of the top performers a day, having rallied hard in the wake of RBNZ’s upbeat assessment of the economy during its monetary policy decision. The RBNZ kept the official cash rate on hold at a record low of 1.75% on Thursday.

Focus now remains on the upcoming US macro data, which includes the manufacturing PMI and new home sales data, for fresh trading impetus.

NZD/USD Levels to consider                                                                              

NZD/USD managed to take-out 0.7280 upside target, with a test of last Friday’s high of 0.7302 on the cards. Beyond which 0.7323 (Jun 14 high) will be on sight. To the downside, 0.7200 guards 0.7145 and a break back below 0.7080/90 are key near-term downside areas.”