NZD/USD drifting on the bid ahead of key data releases

Currently, NZD/USD is trading at 0.7078, up 0.13% on the day, having posted a daily high at 0.7081 and low at 0.7068.

NZD/USD has been creeping higher from 0.7048 in late Europe after a strong performance in Asia yesterday that capped the bird at 0.7101. While data is light to start the week, we have key events taking place tonight in GDP Q3 in the US shift ahead of nonfarm payrolls at the end of the week. Analysts at Westpac explained that the stalled US dollar allows strong economic fundamentals to come to the fore. Targets 0.7100+ today.

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NZD/USD 1-3 month outlook: 

"The US dollar has had an impressive rise since the US election and has potential to rise further during the months ahead, not least because the Fed will probably hike in December. Against that, the NZ economy is strong and dairy prices have risen. Overall we are left with a bearish outlook for NZD/USD, targeting sub-0.70.," - Westpac. 

NZD/USD levels

With spot trading at 0.7078, we can see next resistance ahead at 0.7081 (Daily High), 0.7097 (Weekly Classic R1), 0.7104 (Yesterday's High), 0.7111 (Daily Classic R2) and 0.7111 (Daily 20 SMA).Support below can be found at 0.7077 (Daily Classic R1), 0.7070 (Daily Open), 0.7070 (Weekly High), 0.7068 (Daily Low) and 0.7067 (Hourly 20 EMA).