NZD/USD: 0.7200 capping NZD upside

FXStreet (Guatemala) - NZD/USD is currently trading at 0.7163 with a high of 0.7184 and a low of 0.7152.

NZD/USD sore the greenback on its way also overnight on the broad based sell off in the US dollar. The bird wasn't as competitive as its neighbour of the pacific and had some bad news of its own actually, and coming from the usual suspects in the dairy prices. The Fonterra Global Dairy Trade price index was down 4.3% with whole milk powder price index at -3.1%.

That aside, the catalyst for the price action in the main has been the US dollar on a number of reasons, from a dovish sounding Fed Governor Brainard to the Eurozone CPI coming in better than expectations and the continued hype around Greece as the main driver.

Meanwhile, there is nothing major to note in Asia for the pair specifically and the focus will be back to the EZ after the Aussie GDP's stealing the show and HSBC China Services, although being an unlikely mover. Technically, with 0.7200 coming in as first major resistance, analysts at UOB Group explained that NZD/USD has not made a temporary low yet below key resistance.