NZD/USD (current price: 0.7307)
The New Zealand Dollar had a weak start on Monday, but the currency rallied strongly throughout the day, and it is now back above the all-important 0.73 level this morning. RBNZ Governor Wheeler gave a slightly more optimistic speech than traders expected, and that helped the regional currencies, as the Australian Dollar also got stronger during the session. The slightly positive Asian releases also helped the currency, and the intraday rebound in global stocks had a positive effect as well.
Our assessment: NZD/USD is still trading in a bullish long-term trend, with a possible breakout above the 0.7350 resistance looming in the coming days.
