NZD/USD will bounce back from a major support line

The pair will bounce back from a major support line, sending the pair higher towards a key resistance line. New Zealand Global Dairy Trade Price Index posted better figure from its previous record. The report highlights the changes in the country’s biggest export, which is dairy products. The reported made investors optimistic of the country’s economy as the global economy faces challenges posed by the coronavirus. Analysts further expect the country to report much better figures in the coming months amid the Brexit. New Zealand maintains a good trading relation with the EU despite being the first to sign the post-Brexit trade agreement. On the other hand, the United States just cut its benchmark interest rate yesterday, March 03. This was the country’s fourth interest rate cut for the past 12-months. The Federal Reserve previously cut 75-basis points to counter the economic effect of then escalating US-China trade war.