- – The New Zealand Dollar is gaining upside momentum above 0.6950 against the US Dollar.
- – There is a key bullish trend line forming with support at 0.6920 on the hourly chart of the NZDUSD pair.
- – Today in New Zealand, the RBNZ Interest Rate Decision Nov 2017 was announced by the Reserve Bank of New Zealand.
- – The outcome was around the market forecast, as there was no change in rates in Nov 2017 from 1.75%.
RBNZ Interest Rate Decision
The actual result was in line with the market forecast of 1.75%. There was also a slight less dovish tone this time by the central bank in November’s statement. The statement added that:
GDP in the June quarter grew broadly in line with expectations, following relative weakness in the previous two quarters. Employment growth has been strong and GDP growth is projected to strengthen, with a weaker outlook for housing and construction offset by accommodative monetary policy, the continued high terms of trade, and increased fiscal stimulus.
Overall, the NZD/USD pair might continue to gain pace and it could even trade towards 0.7000 in the near term.
NZD/USD Technical Analysis
The New Zealand Dollar after forming a bottom around the 0.6880-0.6890 levels against the US Dollar started an upside move. The NZD/USD pair traded higher and was able to settle above the 0.6920 resistance and the 100 hourly simple moving average.
At the moment, the pair is attempting a close above a major resistance area near 0.6950. Should there be a close above 0.6950, there can be an upside move toward 0.7000. On the downside, there is a key bullish trend line forming with support at 0.6920 on the hourly chart.
Moreover, the 38.2% Fib retracement level of the last wave from the 0.6890 low to 0.6973 high would also act as a support in the near term, and can be seen as a buy zone above 0.6940.
New Zealand Dollar, NZD/USD Technical Analysis, RBNZ Interest Rate Decision, US Dollar