NZD/USD fails at 0.6667 (triple top resistance), short rallies
NZD/USD trades largely range-bound after rejection at 0.6667 which is strong triple top resistance (Nov 4th 2015, Jan 7th and Feb 18th 2016).
New Zealand Finance Minister Bill English has given his strongest hint yet that he expects RBNZ to cut interest rates further in response to very low inflation.
He said that New Zealand businesses had been resilient in the face of the global financial crisis, Canterbury earthquakes, higher interest rates than the rest of the developed world and a high New Zealand dollar.
Markets now confident that the RBNZ will ease again.
NZD/USD finds strong resistance on the upside from 0.6667 to 0.70 levels. Immediate support is seen at 0.6615 (cloud top and rising trendline).
Recommendation: Good to sell ralies around 0.6655/60, SL: 0.6725, TP: 0.6590/0.6550/0.65
New Zealand Finance Minister Bill English has given his strongest hint yet that he expects RBNZ to cut interest rates further in response to very low inflation.
He said that New Zealand businesses had been resilient in the face of the global financial crisis, Canterbury earthquakes, higher interest rates than the rest of the developed world and a high New Zealand dollar.
Markets now confident that the RBNZ will ease again.
NZD/USD finds strong resistance on the upside from 0.6667 to 0.70 levels. Immediate support is seen at 0.6615 (cloud top and rising trendline).
Recommendation: Good to sell ralies around 0.6655/60, SL: 0.6725, TP: 0.6590/0.6550/0.65
Trade closed: stop reached