NZDUSD is trying to recover after breaking the downtrend channel and Fibonacci %61.8 support. Early today, the Reserve Bank of New Zealand hike the rates by 50 basis points to %2,50. The bank expects hikes to make a top after another 150 points.
Despite tightening policy, NZDUSD is failing major supports, but that can change quickly. A breakout of the recently formed bullish wedge formation might give the fuel for upside moves and returning to the trend channel. 0.6232 and 0,6258 are the major resistances to follow. Above them, 0.66 can be targeted. But as long as NZDUSD can’t get a hold above 0.6232, down pressure will continue.
