NZD/USD Outlook (12 July 2022)
More upside for the NZD?
Upside on the NZDUSD had been capped by the 0.62 resistance level, which led to price trading lower towards 0.61 (also due to the strength of the DXY). However, price struggled to break below the 0.61 support level and has rebounded back to 0.6140.
With the RBNZ rate decision due, and a 50bps increase expected, a spike up in the NZDUSD could be likely, with immediate target of 0.62 resistance keeping strong.
Significant upside beyond 0.62 might not be sustainable as the 50bps hike to come from the RBNZ is the 3rd in a row, which had not shown an impact on slowing inflation.
Upside on the NZDUSD had been capped by the 0.62 resistance level, which led to price trading lower towards 0.61 (also due to the strength of the DXY). However, price struggled to break below the 0.61 support level and has rebounded back to 0.6140.
With the RBNZ rate decision due, and a 50bps increase expected, a spike up in the NZDUSD could be likely, with immediate target of 0.62 resistance keeping strong.
Significant upside beyond 0.62 might not be sustainable as the 50bps hike to come from the RBNZ is the 3rd in a row, which had not shown an impact on slowing inflation.
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