• NZD/USD strengthened on Friday as hawkish comments from New Zealand central bank official supported the kiwi
• RBNZ MPC member Hayley Gourley said New Zealand interest rates may need to rise sooner rather than later after she voted for a rate hike at this week’s closely balanced policy meeting..
•The RBNZ kept the cash rate unchanged at 2.25% on Wednesday after Governor Anna Breman’s casting vote broke a 3-3 split, with MPC member Hayley Gourley among three members backing a 25-bps hike.
•Since Gourley joined the MPC, the RBNZ has encouraged members to publicly share their views, while the May meeting minutes revealed individual voting details for the first time.
•The RBNZ on Wednesday warned rates would need to rise sooner and by more than previously expected to counter inflation risks.
• Immediate resistance is located at 0.5962(Daily high), any close above will push the pair towards 0.5989(38.2%fib).
• Support is seen at 0.5928(Daly low) and break below could take the pair towards 0.5914(50%fib).
Recommendation: Good to buy around 0.5930 with stop loss of 0.5860 and target price of 0.5980
