NZD/USD: 0.72 back in the picture, highest levels since Feb

Currently, NZD/USD is trading at 0.7184, down -0.02% on the day, having posted a daily high at 0.7194 and low at 0.7180.

• RBNZ renews Policy Targets Agreement with government

NZD/USD was slightly offered on the manufacturing sales -0.3% although this is third tier data that doesn't attract attention. The more important data came overnight with the GDT price index. This arrived as +0.6% vs +3.2% prior and the bird was supported due to prices that have risen at six straight auctions. The data from the US has been light this week but the dollar is still under pressure. The DXY was trading lower again today down to 96.51 and the 10-year yields were on the floor trading as low as 2.1278%. 

• JOLTS increased substantially in April - Nomura
• EUR/NZD trading plan to buy back at 1.5425 - Westpac

NZD/USD levels

The bird broke 0.7150 key resistance riding the dollar's weakness and did not look back until 0.7205 the high. There was some pressure met there and supply took the price back down to 0.7174 where bids gathered until 0.7191. Significantly, a breakthrough 0.72 has opened up prospects for a recovery back to test 0.7240/55 resistance. To the downside, 0.7145 and break back below 0.7080/90 as previous resistance.