NZDUSD back to 0.70 resistance. RBNZ June meeting in focus
NZDUSD has been in a steady uptrend after prices broke out from the falling wedge, since the past week. The rally now reaching the familiar resistance of 0.70, which has held out two times previously.
Mind the stochastics showing a hidden bearish divergence.
RBNZ June meeting is up later tonight and the CB is expected to hold rates steady at 2.25% (but could be a very close call). Next meeting only in August.
NZDUSD has gained strongly since the April RBNZ event where rates were left unchanged. If the RBNZ leaves rates steady today, they will have to make up for it by talking down the kiwi strongly, especially if the Fed will end up leaving rates unchanged next week.
Failure to break out above 0.70 will mean NZDUSD could slide to the first minor support at 0.69 followed by a dip to 0.68.
Mind the stochastics showing a hidden bearish divergence.
RBNZ June meeting is up later tonight and the CB is expected to hold rates steady at 2.25% (but could be a very close call). Next meeting only in August.
NZDUSD has gained strongly since the April RBNZ event where rates were left unchanged. If the RBNZ leaves rates steady today, they will have to make up for it by talking down the kiwi strongly, especially if the Fed will end up leaving rates unchanged next week.
Failure to break out above 0.70 will mean NZDUSD could slide to the first minor support at 0.69 followed by a dip to 0.68.
