FxWirePro: Kiwi depreciates against major peers as RBNZ signals more easing
AUD/NZD is trading around 1.0706 marks. Pair made intraday high at 1.0731 and low at 1.0628 marks. Intraday bias remains bullish till the time pair holds key support at 1.0610 marks. On the top side, a sustained close ab…
Pair made intraday high at 1.0731 and low at 1.0628 marks.
Intraday bias remains bullish till the time pair holds key support at 1.0610 marks.
On the top side, a sustained close above 1.0722 will drag the parity higher towards 1.0823/1.0976 (January 2016 high) /1.1062 (30D EMA)/1.1123/1.1298/1.1317 levels respectively.
Alternatively, a sustained break below 1.0611 mark will take the parity down towards key supports around 1.0560, 1.0420, 1.0315(May 05, 2015 low), 1.0261 and 1.0109 marks respectively.
Important to note here that in a daily chart, 20D, 30D and 55D EMA heads down and confirms the bearish trend. Current upside movement is short term trend correction only.
RBNZ says a decline in the exchange rate is needed.
RBNZ says outlook for inflation has weakened due to high exchange rate.
RBNZ says likely further policy easing will be required.
