- The RBNZ lowered OCR from 3.25% to 3.0% on Thursday as widely expected and stated that NZD depreciation was helping to support the economy and inflation
- NZD/USD spiked to reach highs by 0.6638 in the last hour after RBNZ adopted a positive tone for the NZD, currently trades slightly lower at 0.6626
- USD weakness across the board on account of profit-taking after the recent strength also supporting NZD/USD rise
- Hourly price action has risen above the cloud, very short term trade is bullish, Stochs pointing higher
- Resistance is located at 0.6655 (July 21 High) and above which it could extend gains to 0.6700 (Down TrendLine From Apr/Jun High)
- On the flipside support might be located at 0.6595 (Day’s Low) and then at 0.6570 (100-HMA) levels
Resistance Levels:R1: 0.6655 (Daily High Jul 21)R2: 0.6705 (Down TrendLine From Apr/Jun High)R3: 0.6724 (Daily High Jul 15)Support Levels: S1: 0.6570 (100-HMA)S2: 0.6498 (2015 & 6 Yr Low Jul 16)S3: 0.6470 (Daily Low Jul 30 2009)
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