According to the currency strategists working for Westpac, the New Zealand Dollar will strengthen further. However, prior to starting another rally, NZDUSD is retracing despite positive news. The Westpac McDermott Miller index increased up to 102.5 in September. This is a minor gain as opposed to June’s figures.
This week, speculators and investors are waiting for the New Zealand GDP and trade balance reports for Q2 2012. According to the forecast mad by The Wall Street Journal, the GDP has increased by 0.3% while the trade balance report will show a NZD1.3 bn deficit.
Forex.
According to , the New Zealand Dollar is still strengthening against the US Dollar despite the recent retracement. The experts report that NZDUSD has finished forming a big-scale upswing represented by wave А(С)/С of level Daily.
A break below 0.8234 will give way to 0.8209, 0.8192/84. Alternatively, a break above 0.8352 will resume the major uptrend in the form of wave а(С)/С. If this is the case, the price may encounter resistance at 0.8402.
