Яндекс.Метрика NZDUSD corrects toward swing lows from June/July – Technologies of the future for life!
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NZDUSD corrects toward swing lows from June/July


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Tests 50% of the week’s trading range

The NZDUSD tumbled yesterday early in the session after the RBNZ cut rates by a surprising 50 bps (was expecting 25 basis points). The price moved to a low of 0.63768. 

However, the fall actually increased the chances for the Fed to follow up with their own cut at the next meeting. The chances are now 100% for a cut in September. The chances of a 50 bps cut is 25%.  That led to lower yields, a lower USD and the NZDUSD moved higher.
Technically, the pair is currently testing of the 50% retracement of the week’s trading range at 0.64814. Just above that, comes swing lows from June and early August at 0.64865  to 0.64899.  As I type we just moved up to the 0.6490 level.   Sellers leaned on the first test and the price has moved lower.  

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