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NZD/USD Turned Around after a Bullish Signal

The RBNZ raised the official cash rate from 2.75% to 3.0%, and gave a hawkish statement with respect to inflationary risk. Trader's initially put on NZD-strength as you can see in the NZD/USD.


(nzdusd 4/24)

However, the European session took away those gains and kept NZD/USD in a neutral mode, instead of a letting it return to a bullish continuation mode.

Now a break below 0.8550 can shift NZD/USD into a neutral-bearish more, but the 0.8522 and 0.85 support will be important. Below them, the NZD/USD would have shifted to the bearish mode.

A hold above 0.8550 and a break above 0.8650 will be needed to revive the bullish mode and open up 0.87 and the 2014-high at 0.8745.