RBNZ Financial Stability Report decreases easing thoughts
The RBNZ financial stability report came in less dovish than expectations and that helped send the NZDUSD sharply to the upside. The price stalled against the 100 hour moving average in Asia-Pacific session on two separate occasions. HOwever, in the NY session follow through buying as sent the pair above the MA level and to the next target against the 38.2% retracement level.
The price has stalled against the level. Is it enough to send the pair lower to retest the 100 hour MA from the other side, or is this just a breather before the next break to the 200 hour MA and the 50% retracement.
For the time being the traders are leaning against the newest resistance level, with stops likely on a break above.
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