RBNZ Gov. Orr: Inflation remains too high.

<p>RBNZ Orr:</p><ul><li>Inflation remains too high</li><li>The committee remains weary of ongoing inflationary surprises</li><li>Internalizing complex situation of subdued 3Q GDP, historic downgrades</li><li>Neutral interest rate is now at 2.55%</li></ul><p>Then 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 door to more upside momentum.</p><p>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). </p>

This article was written by Greg Michalowski at www.forexlive.com.