The New Zealand Dollar (NZD) gained overnight against the Euro (EUR) to post 0.5330 (1.8760) continuing its push back from last week’s yearly low of 0.5215 (1.9170). NZ GDP for the 4th quarter releases Thursday morning and should come in around 0.4% and move the NZ economy out of its technical recession after two recent quarters in the red. On the chart 0.5400 (1.8540) is resistance on the top side, we think the kiwi should make further gains this week.
Current Level: 0.5330
Support: 0.5235
Resistance: 0.5400
Last week’s range: 0.5217- 0.5300