Traders are gearing up for tomorrows RBNZ rate decision, with the New Zealand dollar reversing some of its recent strength. Coming off the back of 12 consecutive rate hikes, the RBNZ look set to finally bring that tightening phase to an end. While Canadian inflation has certainly been brought under control to a greater degree than is the case in New Zealand, the downtrend remains in play for NZDCAD. With that in mind, the recent rally up towards the key 0.8295 swing-high looks to bring a potential opportunity for trend followers. The bearish engulfing candlestick formation currently being formed brings a good chance of further near-term weakness for the pair. As such, the current decline from the April low of 0.8262 looks likely to bring further bearish price action for the pair. A rise through 0.8295 would be required to negate that negative outlook.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.