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NZD/USD Tests Resistance

The New Zealand dollar bounced back after the RBNZ raised its interest rates by 50bp. The pair came under pressure after hitting resistance near the psychological level of 0.7000.

The kiwi then saw bids at 0.6810 near the base of a previous bullish breakout. A rally above the support-turned-resistance at 0.6900 may turn sentiment around. The next hurdle will be 0.6950.

A fall below 0.6810 could trigger a sell-off towards the daily support at 0.6740. And that is an important level safeguarding the March rebound.

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