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NZD/USD revisits 4-day high

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The NZD/USD is eyeing the 4-day high of 0.6782 clocked in the early Asian session after the RBNZ announced a rate cut.

    Kiwi shorts caught by surprise

    Kiwi rose following the RBNZ's decision to cut its official cash rate to 2.5%. The spike may have been due to a slightly less dovish policy statement. Traders did not see signs of more easing in the policy statement, which may have pushed up the Kiwi.

    The pair, currently at 0.6760, is moving higher once again as the USD being offered across the board following a mixed batch of the US data.

    NZD/USD Technical Levels

    The immediate resistance is seen at 0.6787 (Dec 4 high), above which the gains could be extended to 0.6813 (Oct 27 high). On the other hand, a break below 0.6759 (previous day’s high) would expose hourly 100-MA at 0.6676.
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