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The New Zealand rate has been traded upward at the Forex currency market on Monday for the third consecutive session, regaining partly lost positions.

Forex forecast: MACD indicator is in the negative area for the pair NZD/USD and continues to decline, giving a pair sell signal. Stochastic Oscillator is rising today, being in the neutral zone and confirming a previous buy signal for the pair.

Forex recommendations: if current favourable market sentiments are maintained and in case of breakdown at the level of 0.7350, buyers’ targets will be the levels of 0.7370 and 0.7390/0.7400.

The main macro- statistics on New Zealand is scheduled for publication on 24 March: country’s GDP for QIV will become known- this data can significantly affect forces balance in the pair NZD/USD.

We would remind that previous sales of the NZD were caused by the view of the country’s Prime Minister John Key, who said in his interview to Bloomberg News that he would have approved the decision of the Reserve Bank of New Zealand to reduce interest rate from the current 3%; %. Investors interpreted his opinion as a call to action and pressed the pair down to the local lows. The politician does not rule out that effect of the earthquake in the South of New Zealand in February can cause the rollback of the national economy into the state of recession.
Indeed, at the last meeting the Reserve Bank of New Zealand decided to decrease interest rate by 50 basis points, to the level of 2.50% per annum. Investors, who had predicted possible reduction of the indicator, ignored its decrease by 25 basis points.

Note that basically the NZD is still quite weak, although technical chart shows that all conditions have been created for the rebound from the lows.

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