28.01.2015 - Traders fixed position before the RBNZ statement

The price of the New Zealand dollar continued correction after a strong decline. Earlier quotes rebounded from the support level at 0.7400 and currently approached the important level of 0.7500. In case of overcoming it, the price will reach 0.7620. We expect strong growth of volatility today in connection with the statement of the Reserve Bank of New Zealand on monetary policy. In case of saving interest rates at the current level and the absence of hints on their decline in the future, the price may rise sharply. Our medium-term outlook remains unchanged and we recommend holding short positions with a stop above 0.7700 and target at 0.7000.

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