NZD/USD Price Analysis: Bearish RSI suffocates bulls over 0.5800

 

As the USD rebounds, the NZD/USD reverses the whole RBNZ-led gain. At its meeting in October, the RBNZ delivered an aggressive rate rise of 50 basis points. The NZD is unable to maintain its upward momentum over 0.5800.
At the current exchange rate of about 0.5735, the NZD/USD pair has reversed the RBNZ rate rise outcome-induced surge above 0.5800.

The comeback in the value of the US dollar across the board in the context of mixed market mood and concern before the release of American employment data limited the gain in the spot.

In addition, markets evaluate the RBNZ’s hawkish statement on the rate rise, particularly after the central bank said that they debated whether or not to implement a rate hike of 50 or 75 basis points. As was widely anticipated, the Reserve Bank of New Zealand (RBNZ) increased its benchmark interest rate by 50 basis points (bps). NZD/USD soared roughly 80 pips from 0.5730 to 0.5807 highs in response to the RBNZ decision.

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