NZD/USD (current price: 0.6975)
The New Zealand Dollar is trading close to all important 0.70 level compared to the U.S. Dollar. The choppy correction that took the pair back up from 0.6350 caused the 200-day MA to turn higher for the first time since the summer of 2014. It will be interesting to see if NZD/USD will be able to hold above the key technical indicator, currently at 0.66. The slightly overbought MACD indicator indicates that the odds of a correction are high here, with primary support at 0.6770.
Our assessment: The Kiwi is still trading in a weak short-term uptrend against the USD that started in mid-January. The pair looks to be losing momentum as it bounced back hard several times from the 0.695 level.
