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Forex: NZD/USD falls to 2013 lows following RBNZ rate

After falling around 100 pips following the RBNZ decision to leave its interest rate unchanged at 2.5% but keep the OCR unchanged in 2013, the NZD/USD has collapsed to the lowest level since December 26th around 0.8660.

With a daily decline around 1.15%, the NZD/USD looks bearish in the short term as CCI, MACD and Momentum indicators are bearish in the 15-minute chart. RSI and Stochastic are bullish in the same timeframe.

"The overvalued New Zealand dollar is undermining profitability in export and import competing industries," says the bank in its official release. The RBNZ expects "to keep the OCR unchanged through the end of the year."

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