NZD/USD (current price: 0.7032)
The New Zealand Dollar is trading sharply lower today, as the RBA released the minutes from the previous monetary policy meeting, and the central bank revealed a surprisingly dovish stance. The Australian Dollar and the Kiwi both got hit hard following the announcement, and the NZD is now negative for the fifth day in a row compared to the USD. The pair got close to the 0.70 support zone this morning, after declining more than 1%, adding to the 300-pip correction of last week.
Our assessment: NZD/USD is still well above the rising 200-day MA, currently at 0.68, and the pair is supported by multiple levels between 0.70 and 0.68 despite the recent negative trend.
