Chart of the day: NZD/USD
|The Kiwi is “mid range” between the .6500 level support and recent highs resistance at the .6700 level. The problem is we are right in the middle as the pair faces the RBNZ rate decision today. Even though the market is not pricing in a move by the central bank, the risk may be that the RBNZ wants to engineer a weaker currency by talking it down. Whatever the outcome, the risk may be for a move to the .6500 or .6700 level following the decision as we sit at the previous cup and handle breakout point just below the .6600 level currently.
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