An interesting phenomenon occurred in the NZDUSD pair. The price of this currency pair soars drawing a bull candlestick with a long body small shadow on the top of the candle. Yesterday the price formed a low of 0.60112 and a high of 0.60811 close at 0.60636.
The increase in NZDUSD prices reaching the MA 200 line which draws a flat channel indicates that the long-term trend tends to be neutral.
The surge in NZDUSD prices extended the previous increase after ending the consolidation stage near the middle band line.
Today the RBNZ will officially announce the cash rate. The policy interest rate is now 5.50%, the highest since 2008.
Nine of 23 Bloomberg analysts surveyed predicted the RBNZ would begin a rate cut cycle, while markets were pricing in a 60% chance of a 25 basis point cut. Meanwhile, the forecast by Forexfactory is expected to keep interest rates unchanged at 5.50%.
Today, besides waiting for the RBNZ cash rate, investors are also waiting for US inflation data, CPI which is expected to rise 0.2% from the previous 0.1%.
View attachment 7269
The increase in NZDUSD prices reaching the MA 200 line which draws a flat channel indicates that the long-term trend tends to be neutral.
The surge in NZDUSD prices extended the previous increase after ending the consolidation stage near the middle band line.
Today the RBNZ will officially announce the cash rate. The policy interest rate is now 5.50%, the highest since 2008.
Nine of 23 Bloomberg analysts surveyed predicted the RBNZ would begin a rate cut cycle, while markets were pricing in a 60% chance of a 25 basis point cut. Meanwhile, the forecast by Forexfactory is expected to keep interest rates unchanged at 5.50%.
Today, besides waiting for the RBNZ cash rate, investors are also waiting for US inflation data, CPI which is expected to rise 0.2% from the previous 0.1%.
View attachment 7269
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