NZD/USD extends initial upward trajectory after RBNZ’s Orr downplays odds of rate cut

  • The NZD/USD pair surged to 0.6830 during Asian session morning on Wednesday.
  • The latest Kiwi's surge was mainly driven by the Governor's comments downplaying odds of a rate cut.
  • The 0.6835 acts as immediate resistance wheras 0.6770 may offer nearby support to the pair.

The New Zealand Dollar (NZD), also known as Kiwi, stretched its initial advances against the USD to 0.6830 during early Asian trading session on Wednesday.

The NZD/USD pair extended initial upward trajectory and gained another 90 pips after Reserve Bank of New Zealand (RBNZ) Governor Adrian Orr said chance of a rate cut has not increased during press conference after the monetary policy rate announcement.

The Governor also backed the monetary policy statement supporting upbeat scenario for employment and inflation.

NZD/USD Technical Analysis

The pair needs to surpass 0.6835 descending resistance-line in order to aim for 0.6880 and then 0.6905 whereas 0.6945 could please bulls afterwards.

On the downside, 0.6770 and 0.6720 can act as immediate supports with 0.6705 horizontal-line gaining attention then after. During the pair’s decline past-0.6705, 0.6670 and 0.6620 could become sellers’ favorites.

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