Toward the end of day yesterday, the NZDUSD wsa coiling near low levels (see post here). The price was above a lower upward sloping trend line, and below a downward sloping trend line. The subsequent move higher on the ceasefire headlines said the price above the swing low from March 23 at 0.5760, and above the swing highs from March 27 and April 1. Additional momentum to the price above the 38.2% retracement at 0.5835, and also a downward sloping trendline near the same level. Finally the 200 hour moving average was reached at 0.58498, but momentum faded with the high price extending to 0.5859 before rotating back to the downside. Traders are now watching the 30.2% retracement at 0.5835, and below that support near the 0.5814 level. If the price can hold those levels the buyers remain in firm control. Moving below and we could see a further retracement to the downside as buyers near the highs get more uncomfortable.Fundamentally, the The reserve Bank of New Zealand held its OCR at 2.25% as expected, signaling a cautious stance as near-term inflation is projected to rise while economic growth is expected to weaken. RBNZ Governor Breman said the decision to hold rates was unanimous and, while rate hikes were discussed, policymakers were not close to tightening and there was no strong support for a hike at this meeting. He noted that falling oil prices could push inflation forecasts higher, while tighter financial conditions are expected to modestly weigh on growth. Looking ahead, he kept optionality open, indicating that future rate hikes could come at every meeting or every second meeting, depending on how the data evolves, reinforcing a flexible, data-dependent policy path.. This article was written by Greg Michalowski at investinglive.com.