New Zealand Dollar surges broadly today as traders pare bet on RBNZ negative rates, after the government urged the central bank to take ” rapid escalation in house prices” into consideration. NZD/USD’s rally from 0.5469 continues and it’s on track to 61.8% projection of 0.5920 to 0.6797 from 0.6589 at 0.7131 next. IN any case, outlook will remain bullish as long as 0.6797 resistance turned support holds.
NZD/JPY is somewhat lagging NZD/UISD from medium term point of view. Nevertheless, as rise from 59.49 extends, decisive break of 73.53 structural resistance will carry larger bullish implications. NZD/JPY could target 61.8% retracement of 94.01 to 59.49 at 80.82 in medium term.
