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FxWirePro: NZD/USD price action rejected at session highs by 0.6599, downtrend intact

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, …

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  • 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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