NZD/USD may get its wings back after all

By FXStreet FXStreet (Guatemala) – NZD/USD is currently trading at 0.6730 with a high of 0.6732 and a low of 0.6700.

A bullish case is being made while the pair recovers in a minor fashion from the downtrend at 0.6840 on the support line of 0.6720 and moves passed the 20 SMA on the hourly chart in the previous hourly stick as Tokyo got going.

The calendar has been very light and trading activity rather subdued, but the bird is recovering, despite the commodities failing to impress overnight since yesterday’s trade. However, there is a bullish scenario accumulating around the outlook for Dairy prices while the RBNZ signalled that they would not be content with the OCR below 2.5%.

NZD/USD levels

Technically, Analysts at staying with a bullish theme over the next month. “We remain bullish… targeting 0.7175 (which was the 3 Feb low). Any corrective pullbacks should be contained by 0.6740.” The analysts added, “In addition, NZD/USD is around 9% undervalued relative to movements in commodities, interest rates and risk sentiment”.
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Source:: FX Street