NZDUSD trades the highest level since June 2018

Technical Analysis

Author: Greg Michalowski | nzdusd

Takes at the high price from December 2018 today

The RBNZ said that they are mulling the idea of including housing prices as a consideration in their monetary policy decisions. That could see a tighter RBNZ as they try to control runaway upside demand and prices. 

Takes at the high price from December 2018 today_  
The news has sent the NZDUSD sharply to the upside and in the process took the pair above the December 4, 2018 high and 0.69678. The price is now trading at the highest level since June 2018. On the daily chart the next target would be natural resistance at 0.7000 followed by the the June high at 0.70592. The high price today did reach 0.7004, but backed off. The pair currently trades at 0.6970. That is right around the December 2018 high once again.  

Drilling to the hourly chart below, after reaching the high price of 0.7004, the price of the NZDUSD did move lower with the USDs moved to the upside in the London and NY morning session. The low price on the dip, moved to the swing highs from last week between 0.6944 0.69504.  Staying above those highs would be more positive going forward.  

NZDUSD on the hourly chart
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