NZD/USD chart - Trading View
NZD/USD was trading 0.52% higher on the day at 0.7372, slightly lower from session highs at 0.7383.
The pair refreshed 34-month highs after RBNZ revises unconstrained OCR forecast higher.
The Reserve Bank of New Zealand (RBNZ) lifted its forecast for the unconstrained OCR, supporting the case for withdrawal of stimulus in 2022.
The move put a bid under the kiwi, pushing the pair higher. Price action has broken range trade on the daily charts.
The pair is extending break above 200 month MA and monthly cloud. Scope for further upside.
Technical studies are bullish. Price action is above major moving averages. Volatility is high and rising and momentum with the bulls.
Next major bull target lies at 0.7558 (July 2017 high) ahead of 0.7830 (113% Fib retracement). Failure to hold above 200 month MA will negate the bullish bias.
