New Zealand inflation is forecast to almost double over the next 12 months which puts downward pressure on New Zealand exchange rates.
At the moment majority of major New Zealand currencies pairs are weak, proving support for an appreciation of this pair.
RSI bullish divergence has also formed on this pair, indicating that sellers are losing momentum.
This pair may be beginning a new uptrend based on the above fundamentals and technicals, however price is too high for my liking and I would recommend waiting for a pullback to a fib level before entering long.
At the moment majority of major New Zealand currencies pairs are weak, proving support for an appreciation of this pair.
RSI bullish divergence has also formed on this pair, indicating that sellers are losing momentum.
This pair may be beginning a new uptrend based on the above fundamentals and technicals, however price is too high for my liking and I would recommend waiting for a pullback to a fib level before entering long.