NZDUSD Builds Bullish Impulse Toward 0.5780 Resistance

NZDUSD has rebounded from support near 0.5600 and is targeting 0.5780 after initial post-hike weakness. The pair fell to 0.5674 on July 8 following the RBNZ’s 25 bp rate hike to 2.50%, failing to hold above 0.5716. Sentiment improved on July 9 as UBS turned constructive, recommending a short AUD/NZD trade targeting 1.18 and forecasting another hike in September, lifting NZDUSD to 0.5733. The latest technical analysis on July 10 frames the move off the lower daily Bollinger Band as the start of a medium-term impulse wave.