- NZD rising against the American dollar in the mid-Asian session, now trading at 0.6595, hovering close to fresh session highs by 0.6606 some minutes ago
- However there is little on the NZ calendar in the near-term that would a catalyst for a material rally
- RBNZ is widely expected to cut rates at Thursday’s meet, pressurised by poor dairy auctions and a soggy CPI result
- Hourly cloud at 0.6603 offers resistance on the upside, while the pair to remain supported at 0.6542 (4h 20 MA)
We recommend going short on rallies around 0.6600, target 0.6550, stop loss at 0.6640Resistance Levels:R1: 0.6603 (Hourly Cloud Top)R2: 0.6635 (Tenkan-Sen)R3: 0.6645 (10 DMA)Support Levels: S1: 0.6505 (Daily Low Jul 20)S2: 0.6498(2015 & 6 Yr Low Jul 16)S3: 0.6473 (30 DMA Lower Bollinger)
The material has been provided by InstaForex Company – www.instaforex.com