The NZD/USD pair climbs to near almost three-week high of 0.6030 in Monday’s North American session.
NZD/USD moves higher to near 0.6030 with a focus on RBNZ monetary policy. The RBNZ is expected to leave its OCR unchanged at 5.5%. The next move in the US Dollar will be guided by the US Inflation data for July. The Kiwi asset strengthens as the New Zealand Dollar performs strongly ahead of the Reserve Bank of New Zealand’s monetary policy announcement on Wednesday. The RBNZ is widely anticipated to keep its Official Cash Rate steady at 5.5%.
00 range, suggesting that the bearish momentum has ended. More upside would appear if the asset decisively breaks May 3 high at 0.6046. This would push the asset higher to July 17 high near 0.6100 and July 12 high of 0.6127. In an alternate scenario, a downside move below April 19 low around 0.5850 would drag the asset towards the round-level support of 0.5800, followed by 26 October 2023 low at 0.5770.
RBNZ Fed Inflation Supportresistance
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