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11 Mar 2015
NZD/USD: Spike and reversal on steady RBNZ at 3.5%
FXStreet (Guatemala) - NZD/USD is currently trading at 0.7200 at time of writing with a high of 0.7298 and a low of 0.7161.
NZD/USD has jumped on the back of the consensus being met that the RBNZ was going to leave its rates on hold at this juncture. The RBNZ
is steady with rates at 3.5%.
However, the Central Bank is widely expected to cut later this year. Technically, the pair is now moving off the 0.72 psychological handle, however, a knee jerk reaction will not prevent the strength of the greenback continuing and this may have opened an opportunity for the bears to fade and mount up for a push towards the Feb lows of 0.7176 lows in anticipation for easing from the RBNZ at some later stage, as we are already seeing 5 minutes into the decisions release at time of writing in fact. 0.7108 March 2011 low here we come?
NZD/USD has jumped on the back of the consensus being met that the RBNZ was going to leave its rates on hold at this juncture. The RBNZ
is steady with rates at 3.5%.
However, the Central Bank is widely expected to cut later this year. Technically, the pair is now moving off the 0.72 psychological handle, however, a knee jerk reaction will not prevent the strength of the greenback continuing and this may have opened an opportunity for the bears to fade and mount up for a push towards the Feb lows of 0.7176 lows in anticipation for easing from the RBNZ at some later stage, as we are already seeing 5 minutes into the decisions release at time of writing in fact. 0.7108 March 2011 low here we come?