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NZD/USD shot straight up on Friday as the jobs number in the United States came out very weak. Because of this, it appears that the Federal Reserve will be forced to act soon and stimulate the economy. With more quantitative easing on the way, it is an easy stretch to see how commodities will rise, and by extension commodity currencies.
The currency pair managed to stop just above the 0.81 handle, which of course is in the middle of a lot of noise to the left on the chart. Because of this, we are not keen to buy at this point in time, but would rather buy pullbacks as we now see the 0.80 level as support. Overall though, we think that the Kiwi dollar will continue to rise against the US dollar for the meantime.