NZD/USD hits fresh 6-day tops above 0.7100 amid risk-on
A classic risk-on condition prevails in the European session so far, driving the higher-yielding currencies such as the NZD further into the green zone.
NZD/USD on its way to 0.7150?
Currently, the NZD/USD pair advances +1.01% to 0.7111, retreating slightly from fresh six-day highs scored at 0.7124 in the last hour. The Kiwi extends its winning streak into a fourth-day today, largely backed by a fresh risk-on rally seen across the risky assets such as commodities, equities, pound, Antipodeans, as markets reacted positively to the latest pols favouring the Remain campaign ahead of this Thursday’s EU referendum.
Moreover, markets continue to cheer upbeat GDP figures, which offset today’s dismal consumer sentiment data published by Westpac. The Westpac/McDermott Miller Consumer Confidence index fell to 106.0 in the June quarter from 109.6 in the previous quarter.
NZD/USD Levels to consider
To the upside, the next resistance is located at 0.7124/26 (daily & Jun 10 high), above which it could extend gains to 0.7153 (multi-month highs). To the downside immediate support might be located at 0.7066/60 (5 & 10-DMA) and from there to at 0.7000 (June 9 Low).
