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NZD/USD struggles with 0.7200 – key upside barrier Dhwani Mehta

A renewed bout of buying interest seen in the oil prices appears to bolster the bid tone around the NZD, sending NZD/USD higher to test 0.72 barrier.NZD/USD struggling to take-out 0.72 handleCurrently, the NZD/USD pair rises 0.33% to 0.7193, flirting with session tops previously posted at 0.7195. The Kiwi prolongs its upward trajectory into a sixth-day today, finding fresh impetus from the resumption of Friday’s rally in the oil prices, backed by upbeat US ISM manufacturing PMI report.Moreover, persistent risk-on market profile amid positive equities and commodities’ prices also makes the resource-linked NZD more attractive against its American counterpart.    Looking ahead, focus shifts towards tomorrow’s NZ business confidence data and GDT price index as today’s trading session is expected to remain light on account of the US Independence Day holiday.NZD/USD Levels to considerTo the upside, the next resistance is located at 0.7211 (Jul 1 high), above which it could extend gains to 0.7250/58 (psychological levels/ Jun 23 high). To the downside immediate support might be located at 0.7158 (5-DMA) and from there to at 0.7131/02 (10 & 20-DMA).



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