Forex: NZD/USD cracks 18-month highs above 0.85

FXstreet.com (Barcelona) - NZD/USD has managed to break through 0.8500 offers and trades last at 0.8515 bids, off fresh 18-month highs at 0.8538 printed in late NY trade, on the back of USD weakness overall, and good domestic data coming out as of late. The pair is up +1% for the week so far, and +2.84% year to date.

NZD/USD faces now record 30-year highs at the 0.88 USD level reached back in August 2011, something not seen since early 1980s. Following best NZIER business confidence since late 2011 released yesterday, focus on data will shift now to later on NZ electronic card retail sales at 22:45 GMT, followed by tomorrow's Business NZ manufacturing index at 22:30 GMT, above 50 for last 2 months in a row.

Immediate resistance to the upside for NZD/USD shows at mentioned recent 18-month highs 0.8538, followed by Sept 2011 highs at 0.8545, and late July 2011 lows at 0.8619. To the downside, closest support lies at yesterday's Asia-Pacific highs 0.8499, followed by Monday's highs 0.8475, and yesterday's lows at 0.8465.