No change in policy
The price reaction post the RBNZ statement has been to the upside.
Technically, the NZDUSD moved above it's 100 bar MA on the 4-hour chart at 0.6938. That is now risk for longs.
The price is up testing the next upside target at the 38.2% of the move down from the October 16 high. That comes in at 0.6963. The high just ticked to 0.69627. So traders are initially stalling at the retracement level.
A move above would target the topside trend line 0.6983. The 0.7000-08 is the next step on further upside momentum.
A move back below the 100 bar MA will muddy the water and disappoint the early buyers. The lower trend line comes in at 0.6904 (call it 0.6900). A move below that and the selling may intensify.
