Kiwi sold off sharply at the start of the new trading day as the RBNZ proposed tightening lending standards on investment housing. That came after the bank announced an unscheduled economic outlook update to come on July 21th . Both are seen by the market as paving way for a rate cut in August.

The pair looks poised to close lower for the fifth consecutive session. It is currently testing strong support band between 0.6975 and 0.7025 which includes lows from June, 50 DMA and 0.70 big figure level. 0.7050 - 0.71 seems like a good near-term sell zone.

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