Technical Analysis


But also above lower trend line on the hourly chart

The first press conference went off without a snag for Gov. Orr.  He characterized the economy being at a “sweet spot”, but that rates would need to stay low for a considerable amount of time to get to the midpoint of the inflation target at 2%.  He characterized the risk of the next move being symmetrical.  

The NZDUSD initially moved lower on the statement and remained near the lowest levels through the presser. Looking at the hourly chart above, the price remains below the 0.6944-516 area. That level is home to swing levels from the daily chart (see earlier post). The hourly chart targets the next downside target at the 0.6927 level (and moving lower each hour). That is the lower trend line on the hourly chart below.

For the AUDNZD, the 100 day MAat 1.07606 remains a ceiling for that pair. The high for the day reached 1.07583.  Sellers continuing to lean against that risk defining level.   I would expect, that traders would stop themselves out of shorts (and buy) on a break above the 100 day MA.

So be aware but the event is all over. It is up to the buyers and sellers now.  



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