The NZ Dollar started rallying after an increase in milk prices. The results of the GlobalDairyTrade auction showed a 7% increase against the price seen 2 weeks ago. The milk export proceeds are said to account for 255 of New Zealand’s entire export.
Nevertheless, the auction failed to provide long-term support to the NZ Dollar, even despite positive news from China, Westpac Bank reports.
According to Kimberly Martin, a currency strategist at BNZ FX, investors are waiting for US news, which are expected to be positive. Any improvement in the US economy will provide support to the US Dollar.
Forex.
According to , the New Zealand Dollar keeps recovering against the mid-term downtrend versus the US Dollar. The experts report that NZDUSD has finished forming wave А/В of level Н4.
A further rally will probably encounter resistance around 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 0.8036 (as shown below).
