NZD/USD hits fresh multi-month high

The NZD/USD pair extended its strong bullish momentum for sixth consecutive day and is now trading at a fresh multi-month high near 0.7470-65 band.

Upbeat GDT price index, released on Tuesday, coupled with a greenback weakness across the board has helped the pair to build on to strong gains posted in the previous session led by disappointing US ISM non-manufacturing PMI, which seems to have dampened expectations of a Fed rate-hike action in September. 

Moving ahead, today's speech from FOMC member Esther George will be looked upon for fresh clues over the timing of next Fed rate-hike move ahead of Chinese trade balance data during early Asian session on Thursday.

Technical levels to watch

From current levels, 0.7500 psychological mark remains immediate resistance to watch for, above which the pair seems all set to extend its strong upward trajectory towards 0.7564 resistance (May 14, 2015 high). On the flip side, 0.7400 handle now becomes immediate strong support, which if broken might lead to near-term profit taking move towards 0.7310-0.7300 round figure mark.