Have the RBNZ cooked the Kiwi's goose ?
The RBNZ inspired late March lurch lower for the Kiwi continues into April. Key levels to watch to the downside are the Psychological round numbers at 0.6700 & 0.6650 and the crazy spike January 2 that posted the 2019 low at 0.6590.
All NZD crosses now trade below the key 20 SMA.
As for the upside, the Kiwi has proved resilient in the past to a significant move lower, so is this time different ? A hold of the 0.6750 zone and the bounce to 0.6850 and even 0.6900 can not be ruled out. RSI at 40 looks to be weakening further and Stochastics remain weak but still North of the oversold zone.
All NZD crosses now trade below the key 20 SMA.
As for the upside, the Kiwi has proved resilient in the past to a significant move lower, so is this time different ? A hold of the 0.6750 zone and the bounce to 0.6850 and even 0.6900 can not be ruled out. RSI at 40 looks to be weakening further and Stochastics remain weak but still North of the oversold zone.