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RBNZ kept its official cash rate on hold, as expected. Rate statement was fairly upbeat. The bank upgraded OCR forecast. Governor Spencer sounded hawkish. NZD/USD jumped about 40 pips, pulled back and added a few more during press conference.
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Kiwi breaks below 200 DMA
New Zealand dollar was the least volatile currency during the U.S. election day. Part of it was likely due to the fact that the RBNZ held a meeting on the next day. Widely expected rate cut didn't exactly matter as the currency joined others in a sell-off.
The pair has so far lost about 400 pips and closed lower in eight consecutive days. It closed last week below the 2015 - 2016 trendline and 200 DMA, which may now act as a resistance. Area between 0.6880 and 0.70 (00's, 38.2% retracement, 50 W…
The pair has so far lost about 400 pips and closed lower in eight consecutive days. It closed last week below the 2015 - 2016 trendline and 200 DMA, which may now act as a resistance. Area between 0.6880 and 0.70 (00's, 38.2% retracement, 50 W…
Kiwi jumps as the RBNZ leaves policy unchanged
The RBNZ left the official cash rate at 2.25%, released relatively upbeat statement and then governor Wheeler didn't give an impression that they would want to cut anytime soon. Many in the market expected a cut or at least a strong hint of a cut in August.
They didn't get that and the pair jumped 75 pips on the decision and added another 50 in the hours after. It broke above the 2015 - 2016 rising wedge and stalled near 38.2% retracement of the 2014 - 2015 downtrend. 100 WMA is the next resista…
They didn't get that and the pair jumped 75 pips on the decision and added another 50 in the hours after. It broke above the 2015 - 2016 rising wedge and stalled near 38.2% retracement of the 2014 - 2015 downtrend. 100 WMA is the next resista…