The New Zealand dollar did dip to lower ground, but managed to stage a recovery, ending the week higher for a change. Has it bottomed out or are we just seeing the necessary correction? Milk prices lead to to CPI and these could provide the answer. Here is an analysis of fundamentals and an updated technical analysis for NZD/USD.
New Zealand business confidence dropped sharply from 23 to 5 points. Also the trouble in China weighed, and sent NZD/USD to a new low of 0.6620. However, the pair staged a recovery, partly in part to hopes for a Greek deal, and a turnaround in Chinese stocks, at least those of them that were trading.
Read the rest of the article NZD/USD Forecast July 13-17