NZDUSD Outlook 6th April 2023
The NZDUSD spiked up yesterday as the RBNZ surprised markets with a 50bps rate hike (the forecast was for 25bps). With the interest rates now at 5.25%, it is just 25bps shy of the peak rates of 5.50% previously indicated by the RBNZ.
Following the spike up, the NZDUSD retraced the move to trade below 0.63 again (due to the overnight recovery of strength on the DXY).
With the support level at 0.6270 coinciding with the 61.8% fib level, this could be a crucial level. A break of the support could see the NZDUSD trade lower to retest the 0.6240 price level (the upward trendline)
Following the spike up, the NZDUSD retraced the move to trade below 0.63 again (due to the overnight recovery of strength on the DXY).
With the support level at 0.6270 coinciding with the 61.8% fib level, this could be a crucial level. A break of the support could see the NZDUSD trade lower to retest the 0.6240 price level (the upward trendline)
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