NZD/USD trades largely rangebound after rejection at 0.6667 which is strong triple top resistance (Nov 4th 2015, Jan 7th and Feb 18th 2016).
- New Zealand Finance Minister Bill English has given his strongest hint yet that he expects RBNZ to cut interest rates further in response to very low inflation.
- He said that New Zealand businesses had been resilient in the face of the global financial crisis, Canterbury earthquakes, higher interest rates than the rest of the developed world and a high New Zealand dollar.
- Markets now confident that the RBNZ will ease again.
- NZD/USD finds strong resistance on the upside from 0.6667 to 0.70 levels. Immediate support is seen at 0.6615 (cloud top and rising trendline).
Recommendation: Good to sell rallies around 0.6655/60, SL: 0.6725, TP: 0.6590/0.6550/0.65
