The New Zealand currency strengthened a bit after the RBA decided to cut the interest rate down to 3.25%. Analysts say that the growth was mainly caused by mass closure of long trades in the market of AUDUSD, which pushed the price to the 13-month low.
According to the ASB, some market participants took into account the RBA’s decision and that is why the market reaction was smoothed.
The recent strengthening of the New Zealand Dollar was mainly supported by the recent growth of the ANZ Commodity Index.
Forex.
According to , the New Zealand Dollar is currently retracing against the US Dollar. The uptrend is probably over. The experts report that NZDUSD is forming wave А/В of level Н2.
A further downswing may have difficulty overcoming 0.8183. The current bearish move will be completed as soon as the price overcomes the top of the MF sloping channel and consolidates above 0.8336 (as shown below).
