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NZDUSD : Strong Trade Data Boost Currency

NZDUSD is currently trading at 11 month highs against US Dollar. The boost in the currency came after the strong trade balance data of New Zealand. On the monthly chart,the pair is currently facing the resistance at .8676 and might come down from this level or the US data if comes out weak might boost the pair to break this level. However from the stochastic oscillator the trend still seems bullish and it seems like the pair might go up to .8833,highs of August 2011. 

According to the data New Zealand’s trade surplus expanded to NZ$818 million in February from the reading of NZ$286 million in January beating the economists expectation for an expansion of NZ$595 million. A positive trade data indicates that more goods were exported than imported and thus increase the demand for the domestic currency.