NZD/USD: Break of 0.7150-0.7240 to determine the next direction – Westpac

The NZD/USD pair remains in consolidation mode around 0.7200. Support stays seen at 0.7150. On the flip side, resistance at 0.7240 is the level to watch, per Westpac.

Key quotes 

“Remains in consolidation mode around 0.7200, with key levels to watch for near-term direction being 0.7240 (near-term bullish implication) and 0.7150 (near-term bearish implication).” 

“We continue to view any further weakness as a potential buying opportunity.”

“Key event risk this week comes from NZ GDP (which could easily deliver a surprise in either direction) and the FOMC – both on Thursday.” 

“Medium-term, we remain bullish and target 0.7550 by May, a key driver expected to be a continuation of the global recovery which should see commodity currencies outperform.”