NZD/USD declined till 0.759 after release of RBNZ monetary policy. Kiwi sinks after RBNZ opened the door to rate cuts.
The RBNZ says NZD unjustifiably high and unsustainable and would be appropriate to lower cash rate if demands weakens.
Technically the pair’s minor resistance is around 0.7648 (200 day HMA) and any break above would extend gains till 0.7695 (cloud top)/0.7740 in short term.
On the downside NZD/USD is facing minor support around 0.7580 and break below will drag the pair further down till 0.7550/0.7520.
Indicator (1 hour chart)
CCI (50) - Sell
Woodies CCI (14) – Sell
Ichimoku- Sell
It is good to sell on rallies around 0.7650 with stop around 0.7700 for the target of 0.7550.
The RBNZ says NZD unjustifiably high and unsustainable and would be appropriate to lower cash rate if demands weakens.
Technically the pair’s minor resistance is around 0.7648 (200 day HMA) and any break above would extend gains till 0.7695 (cloud top)/0.7740 in short term.
On the downside NZD/USD is facing minor support around 0.7580 and break below will drag the pair further down till 0.7550/0.7520.
Indicator (1 hour chart)
CCI (50) - Sell
Woodies CCI (14) – Sell
Ichimoku- Sell
It is good to sell on rallies around 0.7650 with stop around 0.7700 for the target of 0.7550.