NZD/USD (current price: 0.7138)
The New Zealand Dollar was among the strongest currencies yesterday thanks to the broad correction in the U.S. Dollar. The Kiwi advanced throughout the day, and finished more than 1% higher. The pair hit a two-week high above the 0.71 level on Tuesday, after rising back above the 200-day Moving Average last week. The cross is higher again today in early trading. The OPEC meeting and tonight’s Chinese releases could cause a major move in the currency.
Our assessment: NZD/USD advanced for four days in a row since dipping below 0.70 last week. Strong support is still found between 0.6850 and 0.70, with resistance ahead at the 0.72 level.
