Some previews reported earlier
The semi annual RBNZ Financial Stability report will be released at 3 PM ET/2000 GMT. Eamonn posted some views ahead of the report HERE.
The last full report from May 2018 can be found HERE.
They included an easy to read summary at the start of the report which summarizes the main topics.
Technically (see chart below), the pair sits near the middle of a 3 plus day range of 0.6752 on the downside to 0.68198 on the upside. Inside that range on the topside is:
- 100 hour MA at 0.6795
- Trend line at 0.6810
- 200 hour MA at 0.68134 (that MA stalled the rally in trading yesterday)
- 50% retracement of the move down from the Nov 16 high at 0.68174
ON the downside,
- The low today at 0.67707
The double bottom at 0.6752/53
Those levels will be eyed as targeted level for bulls and bears until the "box" is broken. At which point, there should be more momentum in the direction of the break.
Taking a broader look from the daily chart, the price stalled at the 200 day MA (at 0.68668) at the highs in November. A move above would open the upside for more upside momentum.
On the downside, the 0.6700-259 area was home to a number of swing levels going back to July. A move below that level will look toward the 100 day MA at 0.66547. Apart from the first 3 days in November, the price has traded above that MA level. Like the 200 day MA above, a move below the 100 day MA, would increase the bearish bias.
Overall, the market is neutral going into the report with traders eyeing any surprises from the contrent or from comments made by RBNZ Governor Orr which will start at 5 PM ET/2200 GMT.
