Highs on down-closing days

The NZD/USD pair closed down 107 times during the review period. Figure 7 shows all the down-closing days during the analysis period and, as in Figure 5, the bars are adjusted relative to the previous day’s close. Figure 8 shows the distribution of the intraday highs on down-closing days. On down-closing days, the NZD/USD pair failed to trade more than +0.0020 points above the previous close 70 percent of the time. If the pair traded 0.0030 points above the previous day’s close, it closed down for the day just 13 percent of the time.