The New Zealand dollar enjoyed good data coming out of the country but was limited by some risk-off sentiment related to Britain’s EU Referendum. The upcoming week features 3 local events and the big Brexit decision. Here is an analysis of fundamentals and an updated technical analysis for NZD/USD.
New Zealand data was positive, with GDP rising 0.7% in Q1 2016, better than expected. Also the current account came out better than expected and milk prices did not fall. In the US, the Fed was quite dovish. In normal times, this should have pushed NZD/USD higher, but the Brexit trade is taking over everything and it is pressuring even the kiwi.
Updates:
NZD/USD daily graph with support and resistance lines on it. Click to enlarge:
