RBNZ Raises OCR by 25bps to 2.50%, Signals Further Tightening
- Rate Hike Decision: The Reserve Bank of New Zealand (RBNZ) raised the official cash rate (OCR) by 25 basis points to 2.50%, marking the fifth consecutive hike, reflecting its commitment to combat inflation currently at 6.9%, despite market anticipation.
- Inflation Pressure: In its statement, the RBNZ noted that inflation remains too high and employment exceeds sustainable levels, emphasizing that domestic inflationary pressures are the primary concern amid global economic slowdowns, and it will maintain a restrictive monetary policy stance.
- Housing Market Impact: The latest hike will increase monthly repayments for variable-rate mortgage holders, and the New Zealand housing market is expected to face further downward pressure, with national house prices already down 12% from their 2021 peak, although first-home buyers may benefit from lower prices.
- Future Rate Expectations: Economists widely expect the RBNZ to continue raising rates in November, with the OCR projected to peak at 3.50% by early 2023, while the central bank's forecasts suggest a peak of 4.0% next year, with the pace of hikes dependent on inflation and employment data.
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Technical Analysis for BANK
Technical Sentiment Analysis for Lorenzo Protocol (BANK). As of , Lorenzo Protocol (BANK) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 6 technical signals, shows that 2 indicators are flashing buy, while 4 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for BANK stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.
Support, Resistance & Moving Averages. From a structural perspective, BANK is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Lorenzo Protocol (BANK) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 0.0156 | 0.0232 | 0.0298 | 0.0374 | 0.044 | 0.0516 | 0.0582 |
| Fibonacci | 0.0232 | 0.0286 | 0.032 | 0.0374 | 0.0428 | 0.0462 | 0.0516 |
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