FxWirePro: NZD/USD rangebound, price action rejected at cloud top
NZD/USD trades largely range-bound on the day after price action was rejected at cloud top by 0.6616. Markets seem to have intensified expectations for the RBNZ to cut OCR this year, following a slump in NZ business conf…
NZD/USD trades largely range-bound on the day after price action was rejected at cloud top by 0.6616.
Markets seem to have intensified expectations for the RBNZ to cut OCR this year, following a slump in NZ business confidence and inflation expectations.
Doji formation seen on Monday's candle, pair faded minor-recovery attempts today and currently trades at 0.6598.
Downside in the pair looks vulnerable, we had recommended shorting rallies.
Immediate resistance on the upside is seen at 0.6615 (Cloud top), and then at 0.6637 (5-DMA). Bearish invalidation only on breaks above 200-DMA at 0.6645.
On the downside 0.6565 is strong support (Double bottom Feb 29th and Feb 19th), and then 0.6553 (Feb 17th lows).
