NZD/USD

NZD/USD] like its Aussie cousin also reached the day's low of 0.7256 in early Australasian trade before drifting higher over the course of the day buoyed by soaring risk appetite with equities and commodities all chalking up decent gains. The pair reached an intraday high of 0.7315 during the European session before running into selling ahead of the 0.7326 resistance level which brought it back down towards the 0.7275 lvl. It was only in late US trade that it was able to surmount resistance at the 0.7326 lvl tripping stops at the 0.7330 level to reach an o/n high of 0.7354 level before easing a tad to open this mrng ard the 0.7333 lvl. The pair is likely to reamin biddish in the run up to the RBNZ decision on Jul 28 with strong resistance at 0.7410 the near term objective. buying orders at 0.7280 by a local will protect the downside & selling orders at 0.7380 by tech types will keep the range this session.