Kiwi Clobbered, But Pair Remains Range-Bound

March 10, 2016

Kiwi Clobbered, But Pair Remains Range-Bound:
The RBNZ caught the market off guard early this morning, cutting rates by 25 basis points to a record low of 2.25%. Despite the 150 pip decline following the surprise announcement, pair remains stuck in a range dating back to early February.

NZDUSD Daily:
Kiwi Clobbered

Range support is .6565, with a break below there targeting the wedge bottom above .6484. Initial resistance is the wedge top below .6812, a break above there would target range resistance at .6868.

Daily trend is sideways as long as these extremes hold.

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Oscar Goullet – @FXtechs

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