Thu, Sep 29, 2022 @ 08:38 GMT
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NZD/USD bounces after RBNZ hike, drawing support from HnS neckline

NZD/USD recovers notably after RBNZ rate hike, but stays in range below 0.6467 temporary top. Outlook is staying bullish for now, as NZD/USD is trying to draw support from head and shoulder neckline (ls: 0.6195, h: 0.6059, rs: 0.6211), as well as 55 day EMA (now at 0.6323). Another rise is in favor through 0.6467, sooner rather than later.

Either as a corrective rebound, or part of an up trend, rise from 0.6059 should target 0.6575 resistance zone, which is close to 38.2% retracement of 0.7463 (2021 high) to 0.6059 at 0.6595.

However, another decline, and sustained trading below 55 day EMA will invalidate this view and bring retest of 0.6059 low instead.

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