The kiwi enjoyed the rate hike in the past week to make gains against the dollar. Here’s an outlook for the single event that is due in New Zealand, and an updated technical analysis for NZD/USD. NZD/USD graph with support and resistance lines on it. Click to enlarge: Alan Bollard was the third central banker in the West to raise the interest rate, lifting it from 2.50% to 2.75%. While this cycle won’t result in the 8.25% rate seen before the crisis, he is expected to raise the rates up to 5%. Retail Sales: Published on Sunday at 22:45 GMT. This important consumer related figure recovered last month and saw a rise of 0.5% in volume. This came after a very disappointing drop beforehand. Another small rise is expected this time. It’s also important to note the core retail sales, that rose by 1.1% and are expected to remain almost unchanged this time. NZD/USD Technical Analysis Following the move from Friday, NZD/USD fell below 0.6685 and stayed between 0.6560 and 0.6685 during most of the week. But then it made a big leap, pierced above 0.68 as well and bounced only at 0.6910. The kiwi is currently bound between the support line of 0.68, and the new resistance line of 0.6910. Note that some lines were modified since last week’s outlook. Looking down, 0.6685 is the next line of support, serving as resistance in the past week, and providing support in the past. Lower, 0.6560 is the year-to-date low and provides strong support. Further support is seen at 0.64 and 0.62, but these lines are quite far at the moment. Looking up above 0.6910, more resistance is found at 0.70, a round number that already worked in both directions. This is a major barrier. Minor resistance appears at 0.7050, and it’s followed by 0.72, which was a strong line a few months ago. If the kiwi pushes even higher, more resistance is found at 0.7320. I remain bullish on the kiwi. After the tightening cycle began with last week’s rate hike, the kiwi will enjoy more interest in carry trades. Also note that the economy is doing quite well, and isn’t really dependent on Europe. Further reading: For a broad view of all the week’s major events worldwide, read the forex weekly outlook. For the Euro/Dollar, look into the EUR USD Forecast. For the British Pound (sterling), read the GBP/USD forecast. For the Australian dollar (Aussie), check out the AUD/USD forecast. For USD/CAD (loonie), check out the Canadian dollar forecast. Want to see what other traders are doing in real accounts? Check out Currensee. It’s free. Yohay Elam Yohay Elam Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts. Yohay's Google Profile View All Post By Yohay Elam Expert score 5 Etoro - Best For Beginner & Experts0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 5 Read Review Open My Free Account Your capital is at risk. NZD/USD Forecast share Read Next AUD/USD Outlook – June 14-18 Yohay Elam 11 years The kiwi enjoyed the rate hike in the past week to make gains against the dollar. Here's an outlook for the single event that is due in New Zealand, and an updated technical analysis for NZD/USD. NZD/USD graph with support and resistance lines on it. Click to enlarge: Alan Bollard was the third central banker in the West to raise the interest rate, lifting it from 2.50% to 2.75%. While this cycle won't result in the 8.25% rate seen before the crisis, he is expected to raise the rates up to 5%. Retail Sales: Published on Sunday at 22:45 GMT.… Top Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk.4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk.5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.