FxWirePro: NZD/USD price action rejected at session highs by 0.6599, downtrend intact
Monday, July 20, 2015 9:43 AM UTC
- Markets are pricing in the certainty that RBNZ will cut rates at its policy meeting on Thurs, the only question is whether by 25bp or 50bp
- If we see a 25bp cut on Thursday and no explicit signals for a further rate cut, a small bounce could ensue
- NZ PM's comments that the currency has fallen faster-than-expected have caused an uptick in prices
- NZD/USD spiked to 0.65997, but was rejected at highs and is now pared some of the gains to trade at 0.65715
- Immediate resistance is seen at 0.6634 (Daily Tenkan-Sen), while immediate support lies at 0.6554 (4h 20 MA)
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