The level of business activity in New Zealand went down a little bit in March 2016. This is confirmed by the recent report released by BusinessNZ. Analysts say that the PMI is above the readings of the same indicators used in other countries. To be more specific, New Zealand’s Manufacturing PMI dropped from February’s 55,9 points down to 54,7 points in March.
Still, the PMI is above the 50 threshold, which indicates expansion and growth in the economic sector. At the same time, it should be noted that a strong PMI above 50 contributes to a stronger national currency.
FOREX
Masterforex-V Academy reports that the N.Z, Dollar is still rallying against the U.S. Dollar within the scope of a long-term uptrend. For now, NZDUSD is building wave A/B of level Weekly2. There is a smaller-scale wave inside – a(C )/C.
The closest major levels of resistance are 0.7057, 0.7110/14, 0.7207/19. At the same time, the market tendency is going to reverse only if the price breaks below 0.6574 and the bottom of the ascending MF sloping channel.
