NZD/USD Price Analysis: Bears on top ahead of RBNZ but bulls on standby NZDUSD Technical Analysis
Bulls eye a move into shorts with 0.6220s eyed. was unable to hold in positive territory on Tuesday and came crashing down from the initial move up in Asia that was met with strong supply for the entire day. The pair fell from a high of 0.6261 and dropped to a low for the day at 0.6202.
The market is anticipating a 50bp hike in the Overnight Cash Rate, OCR, to 4.75%, although pricing is a little short of 50bp for today, potentially reflecting the cyclone impact on spending and confidence, as analysts at Westpac said in a note today. Markets price the OCR to peak around 5.4%. and the Kiwi was been running low on gas for several days which could mean that the path of least resistance is to the upside for a short squeeze as the following analysis leans towards:The above schematic on the four-hour chart represents a move into the prior support that meets a 38.2%before moving back into the equal lows before a capitulation of the bears to take on the 0.63s in a short squeeze.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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