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Kiwi dollar at new multi-month low after sharp fall on dovish RBNZ

The Kiwi dollar is holding firmly in red in early Thursday and extends steep fall into third straight day.

Bears hit the lowest since mid-November on probe through key short-term support at 0.6084 (2023 low, posted on Mar 8), in extension of Wednesday’s post RBNZ 2% fall (the biggest one day loss since Feb 3).

The currency was deflated by dovish steer from the New Zealand’s central bank, which delivered 25 basis points hike (pushed the borrowing cost to 5.50%) in line with expectations but signaled that tightening cycle is over.

The decision surprised markets as many speculated that the RBNZ may lift rates to 6% and prompted strong selling of the Kiwi dollar.

Wednesday’s massive bearish daily candle weighs on near-term action, along with firmly bearish daily studies, although oversold conditions may spark a partial profit-taking after 3.2% drop in past three days.

Upticks would provide better levels to re-enter bearish market for clear break of 0.6084 pivot and attack at next key supports at 0.6025 (50% retracement of 0.5511/0.6538) and 0.6000 zone (psychological / weekly cloud base).

Former low of Apr 26 (0.6111) marks initial resistance ahead of broken Fibo 38.2% (0.6146) and 200DMA (0.6152) which should cap extended upticks and keep bears in play.

Res: 0.6111; 0.6152; 0.6182; 0.6230
Sup: 0.6076; 0.6025; 0.6000; 0.5903