Kiwi recovers after RBNZ'S comment, targets 0.6800
Kiwi has broken major resistance 0.6990 after comments on level and rates by RBNZ governor Wheeler .
"At current levels of export prices, a more substantial exchange rate depreciation is therefore required to stabilise the net external liabilities position relative to GDP," Wheeler said
RBNZ dismisses the predictions of for large declines in interest rates because that would be consistent with the economy moving into recession.
Technically it has broken major resistance 0.6990 and this confirms short term bullishness , a jump till 0.6770/0.6800 cannot be ruled out .
Short term bullish invalidation can happen only below 0.6650.
The minor support is around 0.6680.
It is good to buy at declines at 0.6710 with SL around 0.6675 for the TP of 0.6770/0.6795.
"At current levels of export prices, a more substantial exchange rate depreciation is therefore required to stabilise the net external liabilities position relative to GDP," Wheeler said
RBNZ dismisses the predictions of for large declines in interest rates because that would be consistent with the economy moving into recession.
Technically it has broken major resistance 0.6990 and this confirms short term bullishness , a jump till 0.6770/0.6800 cannot be ruled out .
Short term bullish invalidation can happen only below 0.6650.
The minor support is around 0.6680.
It is good to buy at declines at 0.6710 with SL around 0.6675 for the TP of 0.6770/0.6795.