External news releases seem to be driving the NZ Dollar once again. Despite the fact that strong economic reports from the USA weakened the NZDUSD exchange rate, most analysts say the currency pair may resume its rally.
The results of the GlobalDairyTrade internet auction may be a major bullish driver for the NZ Dollar. Unfavorable weather in the USA and India resulted in higher milk prices around the globe, which is certainly a benefit to New Zealand, a major producer of milk products.
Forex.
According to , the New Zealand Dollar has finished retracing against the US Dollar. The experts report that NZDUSD is forming an upswing represented by wave А/В of level Н8 or higher.
A further rally will probably encounter resistance around 0.8113, 0.8162. The current bullish move will be completed as soon as the price overcomes the bottom of the MF sloping channel and consolidates below 0.8054. (as shown below).
