RBNZ decision in the new trading day
The NZD was a stronger currency yesterday and it is the strongest currency today. For the NZDUSD, the bones of a correction started (see post here), and today, that corrective move continued helped by staying above 0.6284 and then moving away from the 100 hour MA (blue line) at 0.62933 (currently).
The run higher did approach a cluster of resistance defined by a swing area at 0.6321-25, the 38.2% at 0.63292 and the 200 hour MA at 0.63316 area. The high just reached to 0.63296.
Sellers are leaning. I would expect the area to continue to put a lid on the pair.
In the new day tomorrow, the RBNZ is expected to keep rates unchanged. For a series of previews, check out the post from Eamonn HERE. Although the central bank is expected to keep their powered dry this meeting, the speculation is that the November meeting will be live for another cut. The market will be focused on the details of the statement.
