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Forex: NZD/USD up at 0.8450 on RBNZ policy decision, high at 0.8474

FXstreet.com (Barcelona) - The NZD/USD made an impressive jump from the 0.8400 psychological level to 0.8458 high on the RBNZ interest rate decision as the central bank announced an unchanged stance. After profit taking to 0.8413, the cross resumed an upside momentum during the Asian and European sessions to as high as 0.8474. The market is now consolidating at 0.8450.

“The RBNZ’s neutral OCR communiqué (“on hold until year end”) wasn’t dovish enough for the NZD, up half a US cent in response. The Bank balanced strong house prices with the drought and “significant headwinds” generated by the “overvalued” NZD”, wrote TD Securities analyst Annette Beacher, expecting a rate cut by 25bp in December, while market consensus suggests such easing in March 2014.

On the upside, 0.8490 (April 19 high) and the 0.8500 psychological level would be resistance to further gains. Monday and Tuesday’s closing prices at 0.8416/20 support the pair against the downside.

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