This morning, the Reserve Bank of New Zealand kept its benchmark rate unchanged at 0.25% as expected. RBNZ said “further monetary stimulus may be needed”, citing “a severe and prolonged economic downturn”.
NZD/USD is under pressure.
Let’s take a look at the technical picture…
The pair has broken a key rising trend line and is about to escape from an upward-sloping channel
The RSI is bearish and calls for a further decline.
Expect a reversal down trend as long as 0.6839 is resistance, with 0.6394 and 0.6273 as targets.
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