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FXstreet.com (Barcelona) - Asian markets are on the rise, with the Nikkei and Kospi both higher by about 0.3/0.4%, which has resulted in the NZD/USD resuming the bidding tone after finding a bottom in yesterday's European trading at key tech level 0.8207. Current session high was at 0.8305.

On the daily, a nice looking bullish pin bar formed off mentioned support, suggesting that a decisive break past 0.8302 - Thursday's high - will inevitably raise odds to expose next resistance area at 0.8354. Model stops noted above 0.8320, according to IFR Markets analyst Andrew Spencer. Note an Aug 31 2011 descending trendline also comes just underneath 0.8354 supply barrier. Above both levels, no resistance is seen until 0.8400.

Yesterday's NZ quarterly GDP boost to 0.6%, way above expectations, failed to be priced in by the market after strong risk aversion waves. If the risk sentiment persists, expect the NZD to be a firm contender to outperform peers as market gets reassured over no prospects of rate cuts by the RBNZ.

According to Chris Capre, Founder at 2ndSkies, Kiwi is expected to go higher, yet he is personally looking for one more intraday pullback to get long. "I'll take a buy off any pullback towards .8230-.8215 with tight stops below targeting the recent swing highs at .8350 offering up a nice 3/4:1 reward to risk play so a decent catch out there. Bears can watch .8350 on the intraday charts for weakness to short the pair targeting today's lows."

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