Retest of the high from Tuesday.
The NZDUSD is retesting the high from Tuesday’s trading at 0.7004. The pair has been pushing higher since bottoming near session highs from Mondays trade around the 0.6962 to 0.6967 area (the low today reached 0.6960). Staying above that swing level keeps the buyers more in control.
Yesterday the pair moved sharply higher after the Reserve Bank of New Zealand said they were considering looking at house prices as a monetary policy consideration. Doing so would likely keep policy tighter.
Taking a broader look at the daily chart, the price yesterday moved above the swing hi going back to December 2018 at 0.69678. Today’s low price dipped back below that level but has since recovered. The June 2018 high price reached 0.70592. That would be the next target on further upside momentum.
This article was originally published by Forexlive.com. Read the original article here.