NZD/USD could reach the 0.8400-26 zone near term


The kiwi is posting fresh multi-month highs on Wednesday at 0.8389 so far, boosted by the ongoing risk appetite hovering over the Greek front. Stronger demand for high-yield currencies has been the main driver in the relentless upside in the NZD and the AUD since December 2011.

A.Rudolph, expert at Commerzbank, remarks the relevance of the uptrend channel support line at 0.8248 signaling that a breakdown of that level could open the door to late January low at 0.8155, while trading above it could expose higher levels.

“We believe that the 0.8400 region is to be touched next and then the 0.8426”, he concluded.

Unemployment data in New Zealand is due later on after the close at Wall St. Market consensus expects the rate to slide to 6.5% from 6.6%.


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