The New Zealand Dollar gets to the 0.8700 level.

The Kiwi keeps its bullish momentum, supported by the recent interest rate hikes by the Reserve Bank of New Zealand. The market had been expecting for a few months now that the RBNZ would be the first major central bank to raise its interest rates. Yesterday, the RBNZ raised its interest rate from 3.0% to 3.25%. This has caused the NZD/USD pair to shoot up from the 0.8500 level, break through the 0.8600 level, and get to the 0.8700 level. From the 0.8700 level there is a good probability of seeing a bounce to the downside, due to the fact that this area has been a very good resistance zone in the past. In case of seeing a breakout of the 0.8700 level, then we should wait for the pullback for a possible long entry.