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Forex: NZD/USD closes sharply higher after RBNZ decision

FXstreet.com (Barcelona) - The NZD/USD finished up 64 pips at 0.8475. After trading as low as 0.8411 early in the Asia session, the pair went bid after the RBNZ decision to hold interest rates at 2.5%. Economic data in the coming session will be light with both AUD and NZD closed for holiday.

According to Mohi-uddin Mansoor at UBS, “The Reserve Bank of New Zealand kept interest rates unchanged at 2.50%. But it bucked the global trend by signaling the risks were on the upside now by dropping the phrase 'there are both upside and downside risks' from its statement. The RBNZ still expects interest rates to remain unchanged throughout 2013 as inflation is set 'to remain close to the bottom of the target range this year.”

The FXStreet.com Trend Index remains strong bullish on the 1 hour chart, while the OB/OS Index sits at Neutral. Initial resistance sits at 0.8510 (high price from Feb 14th), followed by 0.8546 (previous support, now resistance from April 12th). First support sits at 0.8460 (the 20 dma), followed by 0.8410 (low price from previous day).

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