This week’s Bank of England (BoE) policy statement and official Cash Rate holds centre stage on the calendar with expectations the central bank will maintain their hold of 5.25%. We are predicting a less hawkish approach from the Bank of England which has possibly given rise to the New Zealand Dollar (NZD) of late. Prices in the pair have come back a long way from mid last week’s 0.4705 (2.1250) level to this morning’s 0.4785 (2.0890) bouncing off the Fib 50% level at 0.4805 (2.0820) of note. With risk sentiment still good we could see a push back into the 48’s this week.
Current Level: 0.4781
Resistance: 0.4805
Support: 0.4770
Last Weeks Range: 0.4705- 0.4800