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Kiwi Update!
By Mike Conlon | December 9, 2009
As expected the RBNZ kept rates unchanged at 2.5%, but did mention that they would likely be looking at a raise sometime in mid- 2010. It appears as though the economy is on track and that they will meet their inflation targets.
Here’s a quick look at a 1-minute chart of NZD/USD as it was announced: (click chart to enlarge)
I mentioned earlier that resistance was around was around .7175. Well, it looks like I drew the chart correctly, but mistakenly said resistance was at .7175, when it should have been at .7185. If you look at this chart, you can see how the price went up through that resistance, then traded back down and consolidated before moving higher.
It just goes to show how powerful simple support and resistance can be in your observations of charts and in technical analysis.
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Topics: What To Look At In The Market |