NZD/USD Technical Analysis: Dovish RBNZ sends the pair down the tubes

The Kiwi sees new 12-month highs as an overly-dovish RBNZ expects to play wait-and-see on interest rates out past 2020.
Today's RBNZ statement sees the NZD/USD finally out of July's consolidation range, but notably on the bearish side.
Short traders will be looking for a retest of July's swing lows to mark a further leg lower.

Joshua Gibson FXStreet

NZD/USD Chart, 15-Minute

Spot rate:	0.6671
Relative change:	-1.00%
High:	0.6741
Low:	0.6664

Trend:	Bearish

Support 1:	0.6664 (current low; major technical bottom)
Support 2:	0.6346 (2016 technical bottom)
Support 3:	0.6066 (2015 technical bottom)

Resistance 1:	0.6700 (major technical level)
Resistance 2:	0.6762 (current week high)
Resistance 3:	0.6834 (previous week low)

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

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