The NZD/USD pair faces selling pressure and drops to the round-level support of 0.6100 in Monday’s New York session.
NZD/USD slumps to 0.6100 ahead of RBNZ monetary policy decision. The US Dollar steadies as investors shift focus to FOMC minutes. US yields rise as Fed maintains a hawkish guidance on the interest rate outlook. The Kiwi asset drops comes under pressure as the New Zealand Dollar weakens ahead of the Reserve Bank of New Zealand’s interest rate decision, which will be announced on Wednesday. Investors expect that the RBNZ will keep its Official Cash Rate steady at 5.5%.
The 14-period Relative Strength Index has shifted comfortably into the bullish range of 60.00-80.00, suggesting that the momentum has leaned toward the upside. An upside move above February 9 high of 0.6160 will drive the asset towards 61.8% Fibo retracement at 0.6200, followed by January 15 high near 0.6250 On the contrary, fresh downside would appear if the asset breaks below April 4 high around 0.6050 This would drag the asset towards the psychological support of 0.
RBNZ Fed Yieldcurve Supportresistance
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