Chart of the day: NZD/USD

Blake Morrow Forex Analytix

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.

Author

Blake Morrow

Forex Analytix

Blake Morrow spent most of his professional career as the Chief Currency Strategist for Wizetrade group for 15 years, and then the Senior Currency Strategist for Ally Financial after the acquisition of Tradeking which owned the Wizetrade Group.

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