•Reserve Bank of New Zealand holds its OCR at 0.25%, as expected
•edges higher, but policy outlook remains largely unchanged
The New Zealand Dollar has surged by 1.27% against the US Dollar since Tuesday's trading session. The pair is currently staying just under 0.6900 as the kiwi jumped following the RBNZ policy decision earlier where they unveiled a new lending program that resulted in negative rates expectations for next year fizzling.
Price has moved to its highest levels since March 2019 as buyers look poised to try and retest the highs from last year closer to 0.6940-42.
Given that a breakout has occurred, bullish traders are likely to continue to push the NZD/USD currency pair higher during the following trading session. The potential target for bulls would be near the weekly key resistance at 0.6900 which is a barrier since 2018.
Further resistance is now seen at the highs last year near 0.6940-42 before the December 2018 high comes into play at 0.6970. The technical picture continues to a more bullish push towards 0.7000 for NZD/USD as long as buyers keep with the technical break above.
