FXstreet.com (London) - Kiwi consolidates against the Dollar in early Asian trading, after rising last night of the back of Bollocks commentary and an improved outlook for the NZD economy. The Kiwi has risen unabated since q1 this year topping out at 0.76337.
New Zealand, whose economy relies heavily on exports, suffers as a result of a strong Kiwi. Hawkish tone yesterday increased investor speculation of further rate hikes in the near future.
NZD/USD will likely trade range bound this session, looking to the major global economies for cues.The pair currently trades at 0.7272, down 9 pips from the open.
Support can be found at 0.7160 then 0.7125 according to Valeria Bednarik, collaborator at FXStreet.com. On the upside primary resistance level lies at 0.7290 (by the same technical report) and after that 0.7298 which tested unbreached in the previous US session.