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NZD Gaps Lower Post RBNZ

NZD

The RBNZ has as expected kept the OCR on hold at 5.5%. It was noted that the restrictive policy significantly reduced CPI, and will need to remain restrictive. The RBNZ see's CPI within the 1-3% target zone.

  • NZD/USD traded in just a 5-pip range heading into the announcement. The pair has sold off post announcement, currently down 0.50% trading at 0.6095.
  • We have broken through initial support, with the 100 & 200-day EMA the next support zone at 0.6085 area.
  • AUD/NZD has made new ytd highs, now trading at highest levels since mid 2023. The cross is up 0.40% at 1.1050, resistance now moves to 1.1082 (Feb 2023 highs)
  • Traders were positioned net long heading into the RBNZ meeting - (See link)
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