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NZDUSD Trades Higher as RBNZ Keep rates Unchanged

NZDUSD
NZDUSD

NZDUSD trading 0.05% higher at 0.6326 after the RBNZ monetary policy committee left interest rates unchanged at 1% as expected by markets. You can read more on the RBNZ expecations by Alejandro Zambrano in hiw yesterady analysis. The central bank noted that the risks are to the downside amid trade tensions, geopolitical turbulence and low business confidence.

NZDUSD continues the rebound from 4-year lows as the pair on Friday stopped at 0.6254. On the upside, immediate resistance stands 0.6348 today’s high, and then at 0,63 the high from September 19th. On the downside, immediate support stands at 0.6302 daily low and then at 0.6235 the lows from September 2015; The RSI managed to get out of the oversold area after the two positive trading sessions. NZDUSD short term outlook is bearish, and a visit down to 2015 lows looks possible. Patient traders should wait for a convincing rebound above the 0.6451 where the 50-day moving average crosses.