The NZD/USD pair has been trading upwards since the 7th of June 2016, with the buyers driving the price from as low as 0.6893 to as high as 0.7146.
The pair moved gradually higher on Wednesday, reaching the intraday high of 0.7025. Today, the major spiked, hitting one-year highs of 0.7146 in the wake of RBNZ’s decision to leave monetary policy unchanged. During the European session, the pair retreated some of its gains, to begin the North American session at 0.7101.
In the event that the price breaks above the session high of 0.7146, the pair could extend its gains up to 0.7178 and 0.7209 respectively.
To the downside, in the scenario where the price breaks below 0.7050, the pair could find support at 0.7020 and 0.6988 in extension.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.