FxWirePro: Kiwi rallies above 0.6400 on RBNZ's hawkish move, faces resistance at 200-DMA
The New Zealand dollar rose, extending previous session gains following the central bank's monetary policy decision. The Reserve Bank of New Zealand held rates at record lows, as expected, but sounded more optimistic on …
The New Zealand dollar rose, extending previous session gains following the central bank's monetary policy decision.
The Reserve Bank of New Zealand held rates at record lows, as expected, but sounded more optimistic on the economic outlook and dropped a reference to the chance of future cuts.
The RBNZ raised the forecast path for rates this year to 1 percent, from 0.9 percent previously, erasing the chance of a cut.
The Kiwi was trading 0.9 percent up at 0.6458, having hit a low of 0.6378 on Tuesday, its lowest level since November 15.
Technical indicators are bullish on hourly charts: RSI strong at 73.67, Stochs are biased higher and MACD supports upside.
The par faces major resistance at 200-DMA.
Immediate resistance is located at 0.6484, a break above could take it near 0.6503.
On the downside, support is seen at 0.6381, a break below could drag it till 0.6358.
