NZD/USD fails at 0.6667 (triple top resistance), short rallies

FX:NZDUSD   New Zealand Dollar/U.S. Dollar
260 1 9
a year ago
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
a year ago
Trade closed: stop reached
Seems that the third test of the top resistance is the successful one...
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