NZD/USD hits fresh highs above 0.7300

NZD/USD is rising on Wednesday after falling sharply on Tuesday when it bottomed at 0.7233, the lowest level in 13 days. After the begging of the American session, the US dollar lost momentum across the board. The pair climbed to 0.7313, hitting a fresh daily high.

So far it has been unable to hold on top of 0.7300 and it was trading at 0.7295, up 50 pips from yesterday’s closing price. The kiwi is among the best performers in the currency market. Regarding kiwi’s crosses, AUD/NZD fell to the lowest level in a year at 1.0236.

NZD/USD technical levels

To the downside, support is located 0.7280/85 (European session high), 0.7255 (European session low) and 0.7235 (Sep 13 low). On the opposite direction, resistance could be seen at 0.7325 (100-hour moving average), 0.7360 (Sep 13 high) and 0.7385 (Sep 8 low).

Data ahead

Thursday will be the key day for economic data. During the Asian session, Q2 GDP data will be released in New Zealand while in the US, retail sales and PPI numbers will be published.