NZD/USD Makes a New High

The New Zealand Dollar continues its neat journey in an ascending channel against the US dollar. By the end of US session on Tuesday, the pair has reached a new one-month high at 0.7390.

During the first part of Wednesday's trading, the currency pair made a brief corrective move south but the decline encountered a support formed by the monthly pivot point at 0.7353.

Everything being equal, the NZD/USD currency exchange rate is likely to continue moving north until it finds resistance set by the weekly resistance at 0.7390. In the meantime, technical indicators favor bull to grow stronger within this trading day.

Main resistance on the medium term is seen at 0.7505, while main support is seen at the 200SMA at 0.7180.

Chart: NZD/USD D1