RBNZ Orr:Inflation remains too highThe committee remains weary of ongoing inflationary surprisesThen NZDUSD has traded up to test the July 27 high at 0.6273 today. The high price today has reached 0.62718 just short of that level. A move above that level would open the doot to more upside.Looking at the daily chart, the low price from last week based near the 50% and the 200-day MA near 0.6092. Holding support near those levels, provided a strong base to push off. The FOMC rate decision provided a catalyst to move higher. Since then the price has moved up around 190 pips (in 5 days). This article was written by Greg Michalowski at www.forexlive.com.
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