The recent meeting of the Euro Group has had a positive impact on the New Zealand Dollar. Despite the fact that the finance ministers failed to agree on the Greek issue and decided to postpone the decision till the next meeting, they reached an agreement over the Portuguese and Spanish questions, which definitely reassured financial markets.
At the same time, the Kiwi gained extra support from domestic factors. According to the recent survey conducted by the NZIER, only 1% of the interviewed businessmen anticipate worsening of economic and business conditions in New Zealand.
September has traditionally been a bullish month for New Zealand.
Forex.
According to , the New Zealand Dollar keeps retracing from the recent rally against the US Dollar. The experts report that NZDUSD is forming a big-scale downswing represented by wave B(C ) of Daily2.
A further downswing (below 0.8148) will probably have difficulty overcoming 0.8134, 0.8098. A break above 0.8237 will resume the recent rally in the form of another wave A/B of level H4. If this is the case, the price may encounter resistance around 0.8264.
