TenkoFX - Analytics


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    NZD/USD: rallied hard to weekly highs on 0.71 handle with RBNZ staying putRoss J Burland

    NZD/USD was dramtic with the RBNZ staying on hold and spiked on to the 0.71 handle with over 100 pips of gains since the release so far and is making best levels for over a year.While the RBNZ did not cut and wile markets were not expecting any action, bulls have the green light to push on knowing the the Fed will not hike rates in June nor July perhaps. The detail of the event while rates were left at 2.25% point to the potential of easing in the future though and the RBNZ pointed out that the bird is higher than appropiate. The RBNZ will continue to monitor data flow while they see price increases in housing adding to financial stability concerns. The Aussie has followed suit making a new high o the 0.75 handle. NZD/USD levelsNZD/USD broke through the double top on the 4hr sticks at 0.7050, pillared by the 20 sma on the same time frames since end of May business. A support could come at 0.7050 on pull backs while bulls have sights on the 0.72 handle to put the price back on the 19th Jan commencing bullish channles trajectory.   

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