Forex: NZD/USD achieves highest daily close since August 2011

FXstreet.com (Barcelona) - The NZD/USD closed the New York session 57 pips higher at .8579. The Kiwi achieved its highest daily close since August 2011, and is already up an impressive 2.56% for the month of April. “There is a non-stop flood of foreign money into the New Zealand property market. On top of that, the yields in New Zealand beat anything out there,” noted Adam Button of Forex Live.

Economic data out of New Zealand is light in the coming session, with the only report being Business NZ PMI at 22:30 GMT. Many market participants will likely be focused upon the Australian Employment Data (-50.0 forecast) due out at 1:30GMT, and its effect on both currencies. The Aussie Dollar also put in a strong showing during the New York session, closing up 53 pips at 1.0541 (highest level since Jan 2013).

The FXStreet.com Trend Index remains slightly bullish on the 1 hour chart, with the OB/OS Index reading Overbought. The daily close above previous resistance at 0.8534 (Feb 15th high) is constructive and puts the next major resistance near 0.8600 (psychological level). Further resistance is at 0.8680 (July 2011 high). Initial support comes in at .8567 (9day MA on 1 hour chart), followed by 0.8552 (20day MA on 1 hour chart).