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Forex trading: NZD/USD Technical analysis

Posted by Akhilesh Ganti on Apr 10, 2013 10:30:00 PM

The New Zealand dollar has broken above key resistance levels over the past few sessions as it continues its march higher. A weekly close above 0.8573 could potentially see the pair target its' 2011 peak of 0.8843 which was the highest that it had reached since the early 80's. The continuation of global monetary policy easing initiatives coupled with this nations' above average economic growth appears to have set the stage for the Kiwi to appreciate further. One of the main stumbling blocks to this scenario is the RBNZ, which has been quite vocal of the dangers of its' currency strengthening and has stated that it may be forced to intervene in the currency market to try and weaken it. 

{chart: Bloomberg}(click to enlarge)

NZD/USD Weekly

nzd 041113 W

 

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