FxWirePro
Long

RBNZ stays pat, NZD/USD spikes above 0.71, 0.72 levels in sight

FX:NZDUSD   New Zealand Dollar/U.S. Dollar
182 3 8
Kiwi spiked over 100 pips to hit yearly high of 0.7146 after RBNZ held rates at 2.25%.

NZD/USD             broke through the double top at 0.7054 ( Apr             19th and May 3rd), we see scope for further upside.

With Fed delaying rate hikes, Kiwi bulls likely to push higher, pair on track to test 0.72 levels.

Hurdles on the upside are seen at 0.7150 and then 0.72 levels.

Supports on the downside are located at 0.71, 0.7054 ( double top Apr             19th & May 3rd), 0.7012 (session lows).

Buy dips around 0.71 levels, SL: 0.7054, target: 0.7150, 0.72
Why do you think the kiwi spiked like this? I don't understand why a currency moves like this when the cash rate remained the same.
Reply
RBNZ status-quo produced a knee-jerk reaction as markets were divided on the outcome. There were some expectations for a 25bps rate cut. More than the interest rate on hold, we feel the statement which lacked a strong dovish bias spooked markets.
Reply
Marvin FxWirePro
Hmm. Ok. The markets are behaving very strangely this week. Technicals not working as they should. The whole thing smells of manipulation. Thx for your quick reply. All the best.
Reply
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