Back
9 Aug 2018
NZD/USD Technical Analysis: Dovish RBNZ sends the pair down the tubes
- The Kiwi sees new 12-month highs as an overly-dovish RBNZ expects to play wait-and-see on interest rates out past 2020.
- Today's RBNZ statement sees the NZD/USD finally out of July's consolidation range, but notably on the bearish side.
- Short traders will be looking for a retest of July's swing lows to mark a further leg lower.
NZD/USD Chart, 15-Minute
| Spot rate: | 0.6671 |
| Relative change: | -1.00% |
| High: | 0.6741 |
| Low: | 0.6664 |
| Trend: | Bearish |
| Support 1: | 0.6664 (current low; major technical bottom) |
| Support 2: | 0.6346 (2016 technical bottom) |
| Support 3: | 0.6066 (2015 technical bottom) |
| Resistance 1: | 0.6700 (major technical level) |
| Resistance 2: | 0.6762 (current week high) |
| Resistance 3: | 0.6834 (previous week low) |