100-day EMA and 38.2% Fibonacci retracement limit near-term upside. Sellers await a downside break of the six-week-old rising channel. With the RBNZ’s Orr stepping back from any surprises after the central bank’s refrain from a rate cut, the NZD/USD pair trades around 0.6400 by the press time of early Wednesday. The kiwi pair initially surged around 50 pips after the Reserve Bank of New Zealand (RBNZ) surprised markets by holding its benchmark interest rate unchanged at 1.0% again broad consensus of a 0.25% rate cut. RBNZ’s Governor Adrian Orr, in his press conference after the rate decision, praises employment numbers while citing concerns for inflation and trading partner growth. Read More: RBNZ’s Orr: On hold decision was unanimous Despite registering noticeable moves off-late, the NZD/USD pair stays between key technical indicators where 100-day EMA and 38.2% Fibonacci retracement of July-October downpour, around 0.6420, restricts immediate upside while near-term channel’s support, at 0.6308 now, limit adjacent declines. During the breakouts, the channel’s resistance line at 0.6490 and 200-day Exponential Moving Average (EMA) level of 0.6530 could please bulls while mid-October low of 0.6240 can question sellers ahead of offering 0.6200 round-figure. NZD/USD daily chart Trend: Pullback expected 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 RBNZ’s Orr: No urgency to further easing at this point FX Street 3 years 100-day EMA and 38.2% Fibonacci retracement limit near-term upside. Sellers await a downside break of the six-week-old rising channel. With the RBNZ's Orr stepping back from any surprises after the central bank's refrain from a rate cut, the NZD/USD pair trades around 0.6400 by the press time of early Wednesday. The kiwi pair initially surged around 50 pips after the Reserve Bank of New Zealand (RBNZ) surprised markets by holding its benchmark interest rate unchanged at 1.0% again broad consensus of a 0.25% rate cut. RBNZ's Governor Adrian Orr, in his press conference after the rate decision, praises employment numbers… 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.
