EURNZD: RBNZ Rate Cut Sparks Volatility in NZD
Today, the Reserve Bank of New Zealand (RBNZ) lowered interest rates by 25 basis points to 3.25%, down from 3.5% last month.
Initially, the New Zealand dollar (NZD) showed weakness, but the sentiment quickly shifted as the rate cut was accompanied by a surprisingly hawkish statement during the RBNZ Press Conference.
As a result, EURNZD plummeted by nearly 180 pips during the press conference, reaching a low of 1.8920.
This level triggered profit-taking, leading to a corrective move that retraced exactly 50% of the initial decline from 1.9100 to 1.8920.
Looking ahead, EURNZD may be poised for another bearish wave around this zone following a brief consolidation.
Targets:
🎯 1.8920 🎯 1.8850
You may find more details in the chart!
Thank you and Good Luck!
❤️PS: Please support with a like or comment if you find this analysis useful for your trading day❤️
Disclosure: I am part of Trade Nation's Influencer program and receive a monthly fee for using their TradingView charts in my analysis.
Today, the Reserve Bank of New Zealand (RBNZ) lowered interest rates by 25 basis points to 3.25%, down from 3.5% last month.
Initially, the New Zealand dollar (NZD) showed weakness, but the sentiment quickly shifted as the rate cut was accompanied by a surprisingly hawkish statement during the RBNZ Press Conference.
As a result, EURNZD plummeted by nearly 180 pips during the press conference, reaching a low of 1.8920.
This level triggered profit-taking, leading to a corrective move that retraced exactly 50% of the initial decline from 1.9100 to 1.8920.
Looking ahead, EURNZD may be poised for another bearish wave around this zone following a brief consolidation.
Targets:
🎯 1.8920 🎯 1.8850
You may find more details in the chart!
Thank you and Good Luck!
❤️PS: Please support with a like or comment if you find this analysis useful for your trading day❤️
Disclosure: I am part of Trade Nation's Influencer program and receive a monthly fee for using their TradingView charts in my analysis.
Trade closed: target reached
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✅MY Free Signals
t.me/TradingPuzzles
✅Personal Telegram
t.me/KlejdiCuni
✅YouTube
youtube.com/@TradingPuzzles
t.me/TradingPuzzles
✅Personal Telegram
t.me/KlejdiCuni
✅YouTube
youtube.com/@TradingPuzzles
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.