NZD/USD looks for direction after a heavy increase during post-RBNZ sessions. RBNZ’s Orr, trade pessimism recently stopped bulls. China’s data dump, Aussie jobs report will be the key to watch. Having registered a noticeable run-up, based on the RBNZ’s no rate cut, NZD/USD bulls catch a breath amid increasing doubts over the US-China trade deal and the Governor’s latest remarks favoring low rates. Kiwi traders now await key statistics from China/Australia while witnessing 0.6410 as a quote at the start of Thursday’s Asian session. After witnessing a huge response to the central bank’s no rate cut, the RBNZ Governor Adrian Orr recently crossed wires while saying that the rates need to stay low for a longer period of time. Mr. Orr also mentioned that the decision to rate cut was also debated. This might have stopped buyers from extending the post-RBNZ rally off-late. Also questioning the rise was the Wall Street Journal’s (WSJ) report that the trade talks between the United States and China hit snag over farm purchases. The same could also be senses from the Chinese President Xi Jinpings latest comments criticizing the US trade protectionism (indirectly). The Reserve Bank of New Zealand (RBNZ) held its monetary policy unchanged, by beating odds of a 0.25% rate cut, while cutting down immediate growth forecasts. The New Zealand dollar (NZD) surged across the board as an outcome. “While the RBNZ revised down its growth forecasts significantly yesterday, it also revised down its estimate of the economy’s speed limit. It now requires less forecast growth to be able to forecast achieving their medium-term inflation target. That, plus the more helpful TWI and CPI starting points, saw them stay pat, while noting it was a close thing. The market was pretty certain about a cut, which saw a sharp lift in rates and the TWI. The lower near-term GDP forecasts (Q3 0.3% q/q) raise the bar for a February cut significantly – we’re now penciling in May and August, taking the OCR to 0.5%, with risks skewed towards earlier and/or more,” says the Australian and New Zealand Banking group (ANZ). Markets are now gearing up for the key data from New Zealand’s major customers, including Australia and China. While the Aussie employment report and China’s Retail Sales/Industrial Production are likely to portray mixed scenario for the kiwi pair, any disappointment could have higher repercussions after the pair’s latest rise. Technical Analysis Unless breaking 0.6420/30 area on the daily closing basis, including 100-day Exponential Moving Average (EMA) and 38.2% Fibonacci retracement of July-October downpour, prices are less likely to aim for 0.6500 round-figure. However, an ascending channel formation since early-October can keep buyers happy until prices slip below 0.6308. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Central banks to launch digital currency within five years – IBM FX Street 3 years NZD/USD looks for direction after a heavy increase during post-RBNZ sessions. RBNZ's Orr, trade pessimism recently stopped bulls. China's data dump, Aussie jobs report will be the key to watch. Having registered a noticeable run-up, based on the RBNZ's no rate cut, NZD/USD bulls catch a breath amid increasing doubts over the US-China trade deal and the Governor's latest remarks favoring low rates. Kiwi traders now await key statistics from China/Australia while witnessing 0.6410 as a quote at the start of Thursday's Asian session. After witnessing a huge response to the central bank's no rate cut, the RBNZ Governor Adrian… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk.4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk.5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.