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NZD/USD Surges to New 2014 High

The Kiwi has been exceptionally strong lately. NZD/USD is making new highs on the year as it pushes sharply above the January high at 0.8428. 

(NZD/USD Weekly Chart)

The market looks poised to push it toward a triangle resistance seen in the weekly chart. In the short-term there is still upside risk to 0.8580-0.86, but once the market reaches these levels, it should be met with heavy resistance.


Perhaps the market is pricing in an expected rate hike next week by the Reserve Bank of New Zealand. It is expected to raise the OCR from 2.50% to 2.75%. This will make it the first of the major's central bank to do so.