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NZD/USD Approaching Range Support (January 30, 2014)
The RBNZ decided to keep interest rates unchanged at 2.50%, much to the disappointment of Kiwi bulls expecting to see policy tightening. The pair sold off after the event but might be due to find support at the bottom of its 4-hour range.
Stochastic is still pointing down, indicating that bears are in control, but a bounce might take place around the .8100 to .8150 levels. Going long at this area with a stop below .8100 and a target of the middle of the range around .8300 could yield a 2:1 return on risk.
By Kate Curtis from Trader's Way
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