NZD/USD climbs to fresh highs in over three weeks as risk firms to start the session

Technical Analysis

Author: Justin Low | nzdusd

NZD/USD pushes up to 0.7168, its highest level since 23 March

NZD/USD D1 15-04
The pair is extending its upside run from yesterday with the dollar losing some mild ground to start European morning trade, as equities firm on the session.

European indices are opening with slight gains, helped by a gradual and slight advance in US futures on the day so far. S&P 500 futures are up 0.3% currently.

Most dollar pairs are little changed but AUD/USD has clawed back earlier losses from 0.7710 to 0.7730 levels while NZD/USD is extending gains to fresh three-week highs.

The latter is now looking to hold a firm break above its 100-day moving average (red line) @ 0.7143 as well as the 61.8 retracement level @ 0.7145.

Technically, that opens up the potential for buyers to push towards the 17-18 March highs @ 0.7264-69 next upon clearing the 0.7200 hurdle.

The key risk event to watch later today will come from US retail sales data though but it is hard to argue against the technical picture on such a break.
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