of building pressure, but not quite enough momentum to continue going higher. Because of this, it looks as if the New Zealand dollar is currently “stuck” between the crucial big figure, and the 200 Day EMA, currently sitting at the 0.6875 level.The New Zealand dollar is especially interesting, due to the fact that the market has a high correlation to certain agricultural items.
As agricultural commodities continue to find plenty of momentum, the New Zealand dollar could do so as well. However, we need to break above the 0.70 level to get any real momentum going, as it is a psychological and structural barrier. If we were to break through all of that, then I anticipate that the next move would be to reach down to the 0.6750 level.
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