In between the technicals did a decent job of finding support and resistance. Holding levels increases the technical levels going forward as traders await the next shove either higher or lower.
In other news, the Reserve Bank of New Zealand (RBNZ) cut the Official Cash Rate (OCR) by 25 basis points to 3.25%, aligning with expectations, and cited declining core inflation and stability within the inflation target band as justification. The RBNZ emphasized that while global tariffs and policy uncertainties are weighing on growth, domestic conditions support a return to the mid-point of its 1–3% inflation target over the medium term. Projections show further declines in the OCR to 2.87% by June 2026 and 2.9% by September 2026, with long-term stabilization around 3.1% into 2028.
The cut came as expected but the behind the scenes commentary was less dovish than expectations. That helped to push the pair higher. The NZDUSD is up around 0.25% to start the NA session after moving lower in the Asian/Pacific session. The price is back above the 100 hour MA at 0.59615 which will be a close barometer to start the session.
This article was written by Greg Michalowski at www.forexlive.com. Read More Details
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