FxWirePro: NZD/USD finds stiff resistance at 0.7121, further upside only on break above

• NZD/USD edges higher on the day, extending rebound from 0.6963 levels to hit session highs of 0.7123.
   
• Broad-based US dollar weakness along with rallying oil and commodity prices supporting the resource-linked currencies.
   
• However, data released earlier today showed Westpac New Zealand’s consumer confidence has fallen for a second quarter to 106.0 in June (versus 109.6 in March).
   
• NZD/USD halts upside at 0.7123 and has retreated to trade around 0.7112 levels.
   
• Techs support upside in the pair. Last week’s GDP figures revealed the economy is actually growing at a firm pace, with growth in the year to March coming in at 2.4%.
   
• A decisive break above 0.7121 could see gains upto 0.7148 and then 0.72 levels.
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Recommendation: Good to buy breakout above 0.7125, SL: 0.7050, TP: 0.7150/ 0.72