Trades near session lows
The RBNZ surprised the market by saying that the next likely move is to the downside when they announced no change in rates today (see the headlines HERE).
That was an about face from the "less dovish" statement in February. The price tumbled to the 100 day MA hour in the first minutes of trading (from 0.6910 to 0.6812 with the 100 day MA at 068077 today). The price then traded above and below the 100 day MA. Looking at the 5-minute chart above, the NY session high stalled just above that MA. Bearish. Keeping the buyers hopes alive, is that the lows today have stalled at the same level (double bottom at 0.67874). For a more bearish view technically, getting below that level should solicit more selling.
Looking at the daily chart below, the price is also moving below a lower trend line connecting the low from January and March. That comes in at 0.6796.
Stay below the 100 day MA and trend line at 0.6796 currently, would have traders targeting the 38.2% at 0.67606. Below that the 200 day MA is at 0.67342.
