NZD/USD trims gains to the 0.7280 zone, heads for the highest close in months

Kiwi continues to be the top G10 performer on Wednesday on hawkish RBNZ.
NZD/USD heads for the highest close since February despite pullback.

Matías Salord FXStreet

The NZD/USD corrected lower during the American session and fell to 0.7282, after reaching earlier at 0.7315, the highest level since February 26. The kiwi is the best performer on Wednesday among G10 currencies.

The kiwi jumped across the board following the Reserve Bank of New Zealand (RBNZ) meeting. The central bank surprised with a hawkish tone that sent NZD/USD sharply higher, breaking key short-term technical levels.

The RBNZ revised growth figures to the upside and validated somewhat what market pricing looks for: a first rate hike during the third quarter of next year. “In light of today’s hawkish outlook on rates by the RBNZ we have raised out 3 month forecast for NZD/USD very moderately from 0.72 to 0.73”, wrote analysts at Rabobank.

Despite the correction of the last hours, NZD/USD still heads for the highest close since February. A close above 0.7300 should clear the way to more gains. On the flip side, a slide under 0.7250 would alleviate the bullish bias.

The rally of the kiwi pushed the ADU/NZD cross to the lowest in four months. ANZD/USD is having the worst day in months, breaking the 1.0700 support area. It bottomed at 1.0623, and it remains under pressure, near the bottom.

Technical levels

NZD/USD

Overview
Today last price	0.7296
Today Daily Change	0.0068
Today Daily Change %	0.94
Today daily open	0.7228

Trends
Daily SMA20	0.7215
Daily SMA50	0.7142
Daily SMA100	0.7179
Daily SMA200	0.6993

Levels
Previous Daily High	0.7251
Previous Daily Low	0.7204
Previous Weekly High	0.7272
Previous Weekly Low	0.7151
Previous Monthly High	0.7287
Previous Monthly Low	0.6945
Daily Fibonacci 38.2%	0.7233
Daily Fibonacci 61.8%	0.7222
Daily Pivot Point S1	0.7204
Daily Pivot Point S2	0.7181
Daily Pivot Point S3	0.7157
Daily Pivot Point R1	0.7251
Daily Pivot Point R2	0.7275
Daily Pivot Point R3	0.7298

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

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