The amount of building permits in New Zealand remains low despite an increase in December. In January the index gained 2.1% (y/y) with a glance at seasonality.
In Dec 2011 the amount of building permits was equal to 1127 (or +13%). Some analysts say that Australia’s building permits have been growing for the 9th consecutive month.
In the meantime, NZDUSD keeps implementing the bullish scenario given in yesterday’s outlook. According to the Department of Masterforex-V Trading System , NZDUSD keeps forming wave C H2 inside the Hound of the Baskervilles pattern by Elder/MF. A break above the local high 0.8369 will continue the current wave. The closest levels of resistance are 0.8374/86, 0.8426, 0.8453, 0.8493. A break below the MF pivot 0.831 will complete the current upswing.
