NZD/USD jumps back above the 0.7100 level

The pair is now touching a fresh high of 0.7120 on the day in a classic textbook breakout after breaching resistance from the 38.2 retracement level @ 0.7068 – which held the upside momentum in trading last week.

The breakout now eyes the 100-day moving average (red line) @ 0.7141 as well as the 61.8 retracement level @ 0.7145. That is the next key resistance region to watch.

The push higher comes as the dollar continues to look vulnerable, with GBP/USD breaking above 1.3800 and AUD/USD closing in on 0.7700 in European morning trade.

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