NZD/USD reversed gains on RBNZ calls for intervention

Currently, NZD/USD is trading at 0.7285, down -0.04% on the day, having posted a daily high at 0.7290 and low at 0.7285.

On the RBNZ's rate cut, the bird rallied on sell the rumour buy the fact along with the inflation forecasts that markets perceived to not warrant much further action from the central bank. However, during the presser, Wheeler said he was open to intervention and the bird dropped and reversed all the gains and settled back at the start again. This has taken the gloss off the NZD, as analysts at Westpac argued. "We target 0.7250. NZD/USD 1-3 month:  Targets 0.6950 or lower as long as Fed tightens to 0.625% in December, as we expect. "

NZD/USD levels

With spot trading at 0.7286, we can see next resistance ahead at 0.7289 (Daily Open), 0.7289 (Monthly High), 0.7289 (Weekly High), 0.7290 (Daily High) and 0.7312 (Yesterday's High). Support below can be found at 0.7285 (Daily Low), 0.7275 (Weekly Classic R3), 0.7267 (Hourly 20 EMA), 0.7247 (Daily Classic R3) and 0.7231 (Weekly Classic R2).