NZD/USD trades to a fresh monthly high (0.7230) ahead of the update to New Zealand’s Consumer Price Index (CPI), with the exchange rate on track to negate the head-and-shoulders formation from earlier this year as it approaches the March high (0.7307). NZD/USD climbs back above the 50-Day SMA (0.7152)after defending the March low (0.6943), and the decline from the yearly high (0.7465) may turn out to be a correction in the broader trend rather than a key reversal as the exchange rate trades back above the neckline. It remains to be seen if the update to New Zealand’s CPI will influence the near-term outlook for ... (full story)