Currency Analyst since 2010

NZD/USD rose above $0.8400

NZD/USD tested levels above $0.8400 today rising to the highest point since January. The pair recoiled up from the 100-day MA in the $0.8275 area. Kiwi rose as New Zealand’s ANZ business confidence rose from 64.1 to 70.8.

According to RBS, the survey suggests that the Reserve Bank of New Zealand will soon need to hike rates. The specialists point out that there’s improvement in the nation’s trade, investment, employment and inflation figures. In their view, the near-term risk is in breaking of the range within which NZD/USD has been trading over the last 6 months.

The first target lies at $0.8432 (Jan. 14 high, upper daily Bollinger band) ahead of $0.8500 and $0.8545. Support is at $0.8350, $0.8315 and $0.8275.

Chart. Daily NZD/USD

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