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NZD/USD making a major correction?

FXStreet (Guatemala) - NZD/USD is currently trading at 0.6638 with a high of 0.6645 and a low of 0.6585.

NZD/USD has kept with the bullish tone, testing yesterday's highs, today's at 0.6644, having rallied up from the 20 SMA at 0.6607. The commodity currencies have been outperforming and today they are taking further advantage of more dollar weakness ahead of the forthcoming FOMC minutes tipped on the dovish side, even though the report should continue to reinforce the hawkish policy bias of the Committee towards a 2015 liftoff in rates.

"The market will either see the minutes as stale overall, or even if there are explicit hurdles to hiking this year presented, the recent data is likely going to be seen as not meeting those thresholds," explained analysts at TD Securities while recalling by the weakness in the recent Nonfarm Payrolls data.

NZD/USD upside targets key resistance

Technically, NZD/USD RSI (14) is back towards overbought territory at 66.06 on the hourly while trading above the pivot at 0.6599. R! comes as 0.6688 and August 23rd highs when the 50 DMA capped the bird and a break there is confirming the bullish correction.

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