Forex: NZD/USD eyes 0.8400
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NZD/USD
FXstreet.com (Barcelona) - The kiwi dollar is consolidating its upside, buoyed by the prevailing risk-on mode and Wednesday's RBNZ decision. Recall that the central bank left the repo rate unchanged, accompanied with a less dovish tone in its statement.
Frank Oland, Senior Economist at Danske Bank assessed "Wheeler said that recent data suggest that GDP is recovering while inflation remains below RBNZ's target range, mainly due to the impact of the overvalued NZD. Furthermore, Wheeler expressed concern about house price inflation and said that 'the Bank does not want to see financial stability or inflation risks accentuated by housing demand getting too far ahead of supply'".
The pair is now advancing 0.42% at 0.8395 with the next resistance at 0.8401 (hourly high/low Jan.24), while support levels line up at 0.8315 (hourly high/low Jan.30) ahead of 0.8310 (daily cloud top) and 0.8305 (Lower Bollinger).
Frank Oland, Senior Economist at Danske Bank assessed "Wheeler said that recent data suggest that GDP is recovering while inflation remains below RBNZ's target range, mainly due to the impact of the overvalued NZD. Furthermore, Wheeler expressed concern about house price inflation and said that 'the Bank does not want to see financial stability or inflation risks accentuated by housing demand getting too far ahead of supply'".
The pair is now advancing 0.42% at 0.8395 with the next resistance at 0.8401 (hourly high/low Jan.24), while support levels line up at 0.8315 (hourly high/low Jan.30) ahead of 0.8310 (daily cloud top) and 0.8305 (Lower Bollinger).
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