Does a lap up and then back down.
The NZD core CPI came in stronger than expectations at 1.7% (7 year high) and that sent the price soaring above the 200 hour MA at 0.6792 in the process. The high for the day reached 0.6840, but then started to give up the gains.
The fall ended up taking back all the gains and in the NY afternoon session, the price reached a low of 0.6769. That level was the low right before the move higher. Easy come...Easy go.
The pair now trades back between the 100 hour MA below at 0.67727 and the 200 hour MA at 0.6797 and will be looking for another push above the 200 hour MA (green line) above or below the 100 hour MA below (blue line).
GDT prices at the recent auction were lower today. That was the 4th straight decline.
