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NZD/USD building on to its gains, now at 0.7150

The NZD/USD pair is seen building on to its gains above 0.7100 handle, extending its bullish momentum for fourth consecutive day to currently trade around mid-0.7100s.On Thursday, the pair shrugged-off a sharp improvement in business confidence and dropped to 0.7060 region as post-Brexit uncertainty was seen weighing on riskier, high-yielding currencies - like the kiwi. The pair, however, recovered sharply on receding Brexit fears and broadly weaker US Dollar. On the last trading day of the week, the pair is seen building on to its previous trading session's up-move amid cautious trade on the back of weaker Chinese manufacturing PMI data. Nevertheless, the pair seems poised to post second consecutive week of gains, marking its fourth week of solid gains in the previous five. Next in focus would the US ISM manufacturing PMI data, slated for release later during US trading session and would be looked upon for short-term tradable moves.Technical levels to watchSustained strength above 0.7150 resistance now seems to set the stage for extension of the pair's bullish momentum, beyond 0.7200 handle, towards testing its recent closing highs resistance near 0.7245-50 region. On the flip side, profit-taking move below 0.7110-0.7100 round figure mark seems to drag the pair immediately towards Thursday's low support near 0.7055-50 region, before the pair drops further towards retesting Brexit-led swing low support near 0.7000 psychological mark.



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