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NZD/USD has almost completely recovered since it hit 38.2% retracement of the November - January rally last week. Inflation Expectations came in firm but the U.S. dollar weakness is the main driver. If positive risk mood holds, the pair could be on the way to retest 0.75 and possibly beyond, to the highest level since 2015.
al_dcdemo's Blog
RBNZ sent Kiwi tumbling
In an (un)surprising move, RBNZ cut the official cash rate to 2.25% from 2.50% and hinted on additional cuts which will depend on data. Reasons for the cut are weak global growth outlook, high exchange rate and declining inflation expectations.
Technically, the bank prevented Kiwi from rising above October and December highs, at least for now. After 150 pip fall, the pair is stalling ahead of confluence of 50, 100 and 200 DMA. 0.65 - 0.6550 is the next stronger support band to watch.
Technically, the bank prevented Kiwi from rising above October and December highs, at least for now. After 150 pip fall, the pair is stalling ahead of confluence of 50, 100 and 200 DMA. 0.65 - 0.6550 is the next stronger support band to watch.
Kiwi breaks below 0.65
Kiwi fell below 0.65 level and 61.8% retracement of the September 23th to October 15th upswing (~0.6490) yesterday. Slightly weaker inflation expectations report and anticipation of another weak dairy auction don't help it either.
If the pair stays below the above-mentioned levels, 0.6375 - 0.6400 may offer it some additional support. If the break proves to be fake, 0.6550 - 0.6600 will be the next resistance.
If the pair stays below the above-mentioned levels, 0.6375 - 0.6400 may offer it some additional support. If the break proves to be fake, 0.6550 - 0.6600 will be the next resistance.