NZD/USD (current price: 0.6820)
The pair experienced its second strongly bullish session in a row after a number of releases favored the Kiwi on Wednesday. The already mentioned Australian release and the GDT Dairy Price Index, that came in better than expected, both boosted the currency yesterday. The New Zealand Dollar is now almost 3% higher compared to the Dollar this week, as the recent decline failed to reach the 200-day MA that currently provides support near 0.665.
Our assessment: NZD/USD broke out from the short-term declining trend channel on Tuesday and the pair now might be headed for a re-test of the key resistance at 0.6875.
