The NZD had a bit of a jiggle after the RBNZ policy decision was announced:
- NZD traders - RBNZ announce no change to cash rate - on hold
- Minutes of the RBNZ meeting reiterate that a lower OCR may be needed over time
A spike down to 0.66 and then up toward 0.6660.
As I update its circa 0.6650.
You'll note on the daily chart its around a 2 week high and on approach to a zone of resistance around 0.6680 or so.
It will, of course, be hostage to USD moves (G20 summit coming up later this week) but notwithstanding that I suspect we'll see sellers emerge around 0.6680 and for that level to be a bit of a road block at least for a while.
On the plus side for it that spike down to 0.66 post-meeting has taken out some of the weaker longs.
