NZD/USD shoots to fresh 2-month highs above 0.7660

FXStreet (Mumbai) - NZD/USD reversed previous losses and resumed its upward trajectory in the Asian session; regaining 0.76 barrier, as big stops hit above 0.7620 triggered another 40 pips rally in the Kiwi.

NZD/USD supported above 0.7600

Currently, the NZD/USD pair trades higher by 0.93% at 0.7635, having posted fresh two month highs at 0.7664. NZD/USD breached the 0.76 handle and jumped to fresh two months highs beyond 0.7620 levels as big stops were hit at the level resulting in a major short squeeze rally.

Moreover, NZD/USD remained underpinned by a flattish US dollar across the board and on the improved NZ consumer confidence survey. The Westpac-McDermott Miller Consumer Confidence Index rose from 114.8 last quarter to 117.4 this quarter.

Meanwhile, the US dollar is likely to remain the major driver for the pair in absence of significant economic releases for the rest of the day ahead US existing home sales data later in the US session.

NZD/USD Levels to consider

To the upside, the next resistance is located at 0.7664 (Today’s High) levels and above which it could extend gains to 0.7700 levels. To the downside immediate support might be located at 0.7600 levels below that at 0.7540 levels