The NZD/USD pair hits the monthly low near the round-level support of 0.6100 in Tuesday’s North American session.
NZD/USD falls to a monthly low near 0.6100 as traders brace for the RBNZ ’s policy decision. The RBNZ is expected to reduce its OCR further by 50 bps to 4.75%. Investors await the US inflation data for fresh guidance on the Fed ’s interest rate outlook. The Kiwi pair weakens as the New Zealand Dollar is under pressure ahead of the Reserve Bank of New Zealand’s policy decision, which will be announced on Wednesday.
A bearish momentum would trigger if the oscillator slips below the above-mentioned level. More downside would appear if the pair breaks below the horizontal support plotted from September 11 low around 0.6100. The asset would decline further towards May 3 high of 0.6046 and the psychological support of 0.6000 if it breaks below September 11 low. On the flip side, a reversal move above the 20-day EMA at 0.6230 will drive the asset towards September 3 high of 0.6302 and September 30 high near 0.
RBNZ Inflation Fed Supportresistance
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