New Zealand Dollar is leading commodity currencies higher again this today. It’s additionally backed by expectation of more RBNZ rate hike ahead, after report of decade high consumption inflation earlier this week.
NZD/USD is extending the rebound from 0.6858 and further rise should be seen to 0.7169 resistance. Decisive break there will resume the rise from 0.6804 and target 100% projection of 0.6804 to 0.7169 from 0.6858 at 0.7223. Sustained break there would firstly indicate upside acceleration. Secondly, it will reaffirm the case that correction form 0.7463 has completed with three waves down to 0.6804. Stronger rally would then be seen to 161.8% projection at 0.7449, which is close to 0.7463 high. This will be the favored case as long as 0.7048 minor support holds.
