Source: PaxForex Premium Analytics Portal, Technical Insight
As expected, the Reserve Bank of New Zealand delivered a 0.50% hike, bringing the benchmark to 3.50%, its highest level since 2015. The RBNZ has now hiked rates at eight consecutive meetings and even discussed a super-size 0.75% increase at yesterday’s meeting.
NZD/CAD,D1
Pivot: 0.7746
Analysis:
As long as the price is below 0.7905 follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 0.7746
- Take Profit 1: 0.7665
- Take Profit 2: 0.7550
Alternative scenario:
If the level of 0.7905 is broken-out, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 0.7905
- Take profit 1: 0.7980
- Take profit 2: 0.8050
Comment:
RSI shows a downtrend in the medium term.
Key levels:
| Resistance | Support |
| 0.8050 | 0.7665 |
| 0.7980 | 0.7550 |
| 0.7905 | 0.7500 |
