The NZD/USD pair consolidates in a tight range of 0.6100-0.6140 from the past three trading sessions.
NZD/USD remains sideways with eyes on the RBNZ policy decision. The RBNZ is expected to keep interest rates steady. Fed officials are not confident in the progress of the disinflation process. The Kiwi asset is expected to find direction after the announcement of the interest rate decision by the Reserve Bank of New Zealand , which is scheduled for Wednesday. The RBNZ is widely expected to keep its Official Cash Rate steady at 5.5%. Therefore, investors will focus on the interest rate guidance.
NZD/USD extends recovery to 50% Fibonacci retracement at 0.6130 on a daily timeframe. The near-term outlook of the Kiwi asset has improved as the 20- and 50-day Exponential Moving Averages around 0.6017. 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.
Fed RBNZ Supportresistance Fibonacci
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