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Kiwi Shrugged-off comments from RBNZ

FXStreet (Mumbai) - The New Zealand Dollar inched higher against the US Dollar today after markets ignored the bearish comments from the Reserve Bank of New Zealand (RBNZ).

The NZD/USD pair advanced 0.59% to trade at 0.7852 levels even though the RBNZ said the current remains elevated. RBNZ Governor Graeme Wheeler said that "the exchange rate is unjustified and unsustainable", although the markets ignored the verbal intervention.

Moreover the NZD gained strength after the RBNZ governor indicated that further increases in short-term interest rates may be required in coming years.

NZD/USD Technical Levels

The NZD/USD pair has an immediate resistance at 0.7875, above which the pair may rise to 0.7925 levels. On the flip side, a break below 0.7846, shall open doors for a re-test of 0.7800 levels.

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