Fri, Aug 12, 2022 @ 20:32 GMT
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NZD/USD and NZD/JPY dip after RBNZ, eyeing near term support

NZD/USD dips notably after RBNZ decided to expand the asset purchase program. Focus is now back on 0.5994 support. Firm break there will suggest that corrective rebound from 0.5469 has completed. Bias will be turned back to the downside for retesting this low. Even in case of another rise, considering bearish divergence condition in 4 hour MACD, upside should be limited by 61.8% retracement of 0.6755 to 0.5469 at 0.6264.

NZD/JPY also carries a similar picture. Focus is now on 63.55 support. Break will suggest that corrective rebound from 59.49 has completed. Further fall should then be seen to retest this low. In case of another rise, considering bearish divergence condition in 4 hour MACD, upside should be limited by 61.8% retracement of 73.53 to 59.49 at 68.16.

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