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RBNZ Keeps Rates at 2.50% – Reaction

RBNZ held rates at 2.50%, pushing prices up 50 pips immediately, with strong follow through after bulls kept prices above 0.819 – 0.82 support/resistance.

New Governor Wheeler was neutral in his speech, saying there is a modest economic recovery, with high level of the currency and lower government spending remained headwinds.

NZD/USD M5

/mserve/NZDUSD_NZD+RateRetake.PNG

NZD/USD H4

/mserve/NZDUSD_2510124H.PNG

Looking from a higher timeframe, The recent rally does not change the chart pattern significantly. The double top (or triple top) found in September is not invalidated as price is still kept below the Support/Resistance of 0.824, where we could see significant selling pressure, as evident from the open sell orders waiting around the same level:

/mserve/NZDUSD_Openratios.PNG

Click here [1] for more information on OANDA Historical Open Orders.

 

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

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