The Kiwi returns some of its losses after the earlier sell off

07.08.2019 / 22:00

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NZD / USD collapsed 165 pips after RBNZ's decision to cut interest rates by 50 basis points. The price had already calculated the decrease, but the decline was due to the unexpected value. In about an hour and a half trading, the price dropped from 0.65426 to 0.63773.

Since then, however, traders have been trying to push the price higher, in an attempt to break above 0.64576. However, if this correction is near the end, we can see a fall in the price back to the levels of 0.642469, and with a successful breakthrough at this level - a fall to the bottom at the moment of interest at a price of 0.63773. Any attempt at correction would be interpreted by the market as an opportunity for long-term short ones because of lower interest rates.

Trader Martin Nikolov

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The Kiwi returns some of its losses after the earlier sell off

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