The New Zealand Dollar has gained support from the weakening of the US Dollar. According to Chris Hunter from Western Union, the weakness of the US currency is mainly caused by the uncertainty resulting from the forthcoming FOMC meeting scheduled for this week.
Mr. Hunter says the situation in the currency market looks complicated and controversial, i.e. the US Dollar may well fall or strengthen in the near future. Consequently, the Fed meeting is expected to be the major driver for NZDUSD.
At the same time, according to the revised report published by the New Zealand Institute of Economic Research (NZIER), New Zealand’s GDP will grow by 2,7% in 2013-2014 and 3,1% in 2014-2015.The inflation rate is expected to be around 1,6%.
According to Masterforex-V Academy, the New Zealand Dollar keeps recovering against the US Dollar. The experts report that NZDUSD is forming wave А/В of level Weekly.
A further rally (above 0.8135) will probably encounter resistance around 0.8170, 0.8224, 0.8267/79. The current bullish move will be completed as soon as the price overcomes the bottom. The closest levels of support are 0.7743, 0.7662/51, 0.7599 (as shown below).
