The NZD/USD continued in its recovery run that started last year and is not showing signs of abating. The NZD closed at a price of 0.72536 to the US Dollar last week. The Kiwi Dollar was also helped by generalized US Dollar weakness across the board, as well as improved data from next door neighbors Australia. Major resistance lurks at the 0.7400 area. It is possible that the Kiwi may make a push towards this level within the week. It would, however, need some major fundamental incentive to break beyond this level to the upside. The opportunity may present itself on January 24 when CPI data are released. Before then, not much is coming in the way of news releases and the NZD may have to draw some air from what is going on elsewhere, namely the behavior of the USD in the coming week.
China’s GDP and Industrial Production data may also weigh in on the New Zealand Dollar.
Nzd/Usd Daily Supply & Demand Zones:
Nzd/Usd 4H Supply & Demand Zones:
Nzd/Usd 1H Supply & Demand Zones: