RBNZ held rates at 2.50%, pushing prices up 50 pips immediately, with strong follow through after bulls kept prices above 0.819 – 0.82 support/resistance.
New Governor Wheeler was neutral in his speech, saying there is a modest economic recovery, with high level of the currency and lower government spending remained headwinds.
NZD/USD M5
NZD/USD H4
Looking from a higher timeframe, The recent rally does not change the chart pattern significantly. The double top (or triple top) found in September is not invalidated as price is still kept below the Support/Resistance of 0.824, where we could see significant selling pressure, as evident from the open sell orders waiting around the same level:
Click here for more information on OANDA Historical Open Orders.
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