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The NZD/USD rallied for a few periods after the Reserve Bank of New Zealand hiked its Interest rate with 25bps making the single currency with the highest rates currently amidst it counter parts. However the pair failed to break the 0.86400 psychological zones with momentum fading off towards the upside.  Intra-day bias remains on the downside if price breaks below 0.85455 support which will fuel more supply to 0.85000 psychological zones with MACD, RSI and 21/55 EMA’s showing a bearish continuation.

 

However a clear break of 0.86349 resistance might dampen the current medium term bearish picture which might trigger a resumption of the bullish long term picture on the daily time-frame.

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