The New Zealand Dollar strengthened against the U.S dollar during the New York session after positive data from GDT Price Index boosted the New Zealand dollar. Actual figure came out as 1.4% against a previous negative reading of -2.8%.
The NZD/USD pair traded in a range bound in today’s trading session showing signs that the bearish trend is waning off and a near term reversal is in place. A bullish engulf price action formed in 0.6584/0.6564 demand zone on the 1 hour and 4 hour time frame signalling a price rejection and a possible rise in the pair could be seen. Also SSRC oscillator is still in bullish mode and am expecting further rise to 0.6668/0.6692 (Fibonacci retracement of 50.0/61.8 from 0.6773 to 0.6564).