Its an 'on hold' kinda day ... first the Fed now the RBNZ
The NZD had some wiggles in the seconds after the announcement. If you have been watching currency reactions in the moments following significant announcements and data this will not have surprised you.
I even posted on one of the reasons for this just yesterday ... here it is again:
leading up to an important data release orders can be 'pulled' (this is especially applicable to limit orders ... not all will be, but there will be a reduction. AND, just to make things interesting, in the lead up to a data release more stop loss orders are added into the books ... such fun!)
In Addition on this particular currency, the NZD is Especially susceptible to extra volatility. Of the major currencies it is the most thinly traded and also has highest concentration of order interest held by a small number of (inter-)banks. It moves and it can be moved.
So, where to now?
I'll be back with order levels soon, but for something to be going on with, resistance Initially 0.6700/10 then 0.6740. Support initially 0.6620.
