FXStreet (Guatemala) - The week ahead is a big one for the New Zealand dollar. NZD/USDstrong>> has been trading in a similar fashion to the Aussie, in the same risk environment and subject to the same attitude from investors. The risk mood has improved somewhat and the bird was able to catch a much needed bid in an otherwise broadly biased theme to the downside. This week will be testing while the recent inflation data in the New Zealand economy has raised the bar for a cut in the OCR from the RBNZ. The Central Bank meets this week and while the bar has been raised, it is still a little early to assume that the bank will act. NZD/USD three-month outlook Imre Speizer, analyst at Westpac Banking Corporation explained that they expect NZD/USD to remain under downward pressure during the next few months, targeting 0.62. "In contrast, the RBNZ should strengthen its easing bias, and markets will increasingly price in further rate cuts in 2016. In addition, low oil prices will act as a headwind for NZ dairy product prices, and thus the NZD." NZD/USD levels Technically, NZD/USD recently broke the descending resistance with its sharp move out of the consolidation phase below 0.6380. This was a reversal that took place against the strong 2016 downtrend from above 0.6880. It has near term support from the 50 sma on the 4hr sticks at 0.6468 currently and targets a recovery towards 0.6500, R1 at 0.6525, R2 at 0.6542 and Rs at 0.6558 and recent highs. For more information, read our latest forex news.