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NZD BullsRoar after Rate Cut but Downside Push Still Likely

Discussion in 'Technical Analysis' started by FXStreet_Team, Dec 10, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The Kiwi Dollar rallied strongly following the RBNZ’s announcement that the Official Cash Rate (OCR) would be cut 25bps to 2.50%. However, instead of the bears rushing in and causing a sharp depreciation, RBNZ Governor Wheeler’s statement suggested that any further policy action would be unlikely in the near term. The New Zealand Dollar subsequently rallied sharply in response to the statements as the market digested a significant softening in the venerable central banker’s tone. Specifically,

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