- RBNZ surprised markets with a dovish outlook, squashing expectations of an earlier interest rate hike.
- NZD saw huge slump across the board, hit over 10-month lows of 0.6817.
- The pair finds minor trendline support at 0.6818 and major trendline support at 0.6775.
- On the upside 20-DMA is stiff resistance. Downside intact as long as pair holds 20-DMA resistance.
- Bullish RSI divergence keeps alive scope for upside. A break above 20-DMA at 0.6945 will see some upside momentum.
Support levels - 0.6818 (trendline), 0.6806 (Apr 27 2016 low), 0.6759 (Apr 5 2016 low)
Resistance levels - 0.6898 (5-DMA), 0.69, 0.6938 (20-DMA)
FxWirePro Currency Strength Index: FxWirePro's Hourly NZD Spot Index was at -70.4166 (Slightly Bullish), while Hourly USD Spot Index was at 84.4709 (Slightly Bullish) at 1100 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
