The Prime Minister of New Zealand IS hoping for a reduction of interest rates, , the Reserve Bank of New Zealand could deliver a rate cut by 0.25%, bringing the benchmark rate to 2.75% from 3.0%. If the central bank does not cut its rate, , the New Zealand dollar could find an opportunity to correct some of its recent losses.
THE DECISION WILL BE MADE ON Wed., Mar. 9, 3:00 pm, ET.
Despite the full market pricing of the RBNZ rate cut, NZD could lose more ground in the event that risk appetite falls on the defensive later in the week.
THE DECISION WILL BE MADE ON Wed., Mar. 9, 3:00 pm, ET.
Despite the full market pricing of the RBNZ rate cut, NZD could lose more ground in the event that risk appetite falls on the defensive later in the week.
On the H4 chart, Support 1 is 0.7350, below this level , the PA may confirm its bearishness
.
On the Daily Chart below, the completion of ab-cd pattern may see resulting PA near 0.7250 which is also the 50% Fibo Retr LEVEL on the Weekly chart,
On the weekly chart, 0.7100 is the 38.2% Fibo Retr level which is a strong support as evident by the AUD/NZD daily chart showing its capping level near 1.3850 areas
H 4 NZD/USD
Daily Nzd/Usd
Weekly NZD/Usd
Daily AUD/NZD
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