Forex Trading: NZDUSD breaks resistance on the dollar weakness

The NZDUSD broke through the key resistance against the 0.7589 to 0.7594 area where the 100 and 200 hour MA and the 50% retracement level all preside.  This will now be support for the pair as it wonders how policy might go in that country.

The pair was supported by dollar weakness, as well as some strength in its neighbor Australia which had above concensus retail sales of 0.7%.   Traders tend to think if Australia is doing well so will NZ. 

Traders will be watching to see if the pair can remain above this key support level.  The upside resistance now comes in at 0.7610 and 0.7627.