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RBNZ interest rate decision this week, with an expectation for rates to be held at 1.75%
However, it would be crucial to pay attention to the tone of the statement accompanying the decision.

The last time NZD/USD 0.53% approached these prices where in early Feb 2017.
And the accompanying rate statement stated: ” The exchange rate remains higher than is sustainable for balanced growth and, together with low global inflation , continues to generate negative inflation in the tradables sector. A decline in the exchange rate is needed.”

This resulted in the NZD/USD 0.53% moving down by 300 pips.

Will we see something similiar?
The next support level is 0.7130

 DXY (H4)

Due to solid job gains and decreasing unemployment , increase in household spending and expansion of business investment, the US FOMC decided to increase interest rates, on June 14th.
With a rather hawkish statement accompanying this decision, the US Dollar -0.31% quickly gained strength, bouncing off the 96.45 support level .

Whilst some of this gain was reversed at the end of the week, what has developed, is the formation of a possible reversal, through an inverted head and shoulder pattern.

Therefore, if DXY -0.31% is able to break above 97.40, that would be a completion of the pattern, indicating further upside to the USD.

Something to keep an eye on.



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