NZDUSD – Trading Against Its Support Ahead Of RBNZ Statement
AvaTrade | Aug 20, 2013 01:45AM ET
NZDUSD has seen strong gains in the last two weeks since its recent low of 0.7746 (4th Aug). The pair has been trading in an upward channel since then, reaching a high of 0.81607 today (19th Aug) before pulling back sharply to its support level 0.806.
The pair has bounced somewhat since then, back into the upward channel (0.80723), and as such could test the previous high 0.816, then then next resistances at 0.817 and 0.8201. However, volatility is to be expected tonight during the RBNZ Statement at 02:00 GMT (20/8/2013), when Gov Wheeler may signal his intent regarding the upcoming Interest Rate decision on 11/9/2013.
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