NZD/USD climbs to 2-month highs as USA votes, ahead of RBNZ

The New Zealand dollar is among the top performers in the currency market on Tuesday boosted by risk appetite. Stocks in Europe finished higher and in Wall Street main stocks indexes are rising by more than 0.50%. The US is choosing the next president and rising expectations of Hillary Clinton winning, helped market sentiment. 

NZD/USD broke above 0.7345/50 and jumped to 0.7373, hitting the highest level since September 09.  Price remains near the top holding a strong bullish tone. 

The Reserve Bank of New Zealand will announce on Thursday (after Wednesday’s Wall Street closing) its decision on monetary policy. Market consensus points toward a rate cut to 1.75%. Analysts from Westpac, expects the central bank to cut the OCR and to retain a mild easing bias which is likely to be market neutral. 

NZD/USD levels 

To the upside, resistance could be seen at 0.7400 (psychological), 0.7420 (Sep 06 high) and 0.7455. On the opposite direction, support now might lie at 0.7345 (Nov 7 high), 0.7315 (daily low) and 0.7290 (Nov 7 low).