NZD/USD consolidates above 0.7200, eyes 2016 highs

NZD/USD rose further during the last hours on a quiet market with low volume. The pair peaked at 0.7240, reaching the strongest level since June 24.

The kiwi is among the top performers on Monday and is rising for the fifth day in a row. The pair is consolidating on top of 0.7200, currently trading at 0.7230/35, slightly below the level it had before the official results of the UK referendum.

NZD/USD has erased practically all of the losses that followed the referendum and is pointing toward 2016 highs that reached on June 24 at 0.7298, before falling during the next 30 hours 250 pips.

NZD/USD technical level

Resistance levels could be seen at 0.7255, 0.7295/7300 (2016 high) and 0.7325  (May 25 & 26, 2015 highs). On the flip side, support might be located at 0.7225 (American session low), 0.7195 (July 1 high) and 0.7170 (daily low).