Global macro overview for 24/03/2016:
New Zealand's trade surplus expanded more than expected in February as the export of a large drilling platform boosted overall exports. According to Statistics New Zealand, the trade surplus rose from a revised NZ$13 million in January to NZ$339 million last month hitting the highest level in nine months. Exports jumped 9.3% to NZ$4.25 billion in February, led by the shipment of a large drilling platform. At the same time, imports rose 2.8% to $3.9 billion. In conclusion, despite the overall good economic data, the broader picture shows that New Zealand's trade remains weak amid low global dairy prices that had slowed the New Zealand economic growth from 3.5% in 2014 to 2.5% in 2015.
Let's now take a look at the technical picture of the NZD/USD pair at daily time frame. The market is still trading inside the golden channel after it failed to break out higher above the important resistance at the level of 0.6896. Nevertheless, as long as the level of 0.6565 provided the support, bulls seem to be in control over this market.
