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NZD/USD Steady Ahead Of RBNZ Decision

NZD

NZD has remained in a tight range post the small pullback on Monday and heading into the RBNZ OCR decision later today, trading down 0.03% vs the USD. The BBDXY is unchanged for the day. The RBNZ is expected to keep rates on hold at 5.50% although the market sees about a 25% chance of a 25bps hike, close eyes will be on the quarterly monetary report and the press conference

  • NZD/USD did very little post the Asia session on Tuesday, making two attempts to trade break and hold above the daily high, only to be hit with selling. The pair traded mostly in a 20pip range, making highs of 0.6178 and lows of 0.6151 to close at 0.6170.
  • Key levels to watch, initial support to 0.6142 (50-day EMA) a break here opens 0.6130 (lows Feb 20) and further down 0.6119 (Feb 19 lows). To the upside, initial resistance is 0.6200 (Feb 26 highs) and break above opens a move to 0.6220 (Feb 22 highs) and further up 0.6250 (Jan 15 highs) Currently, the 20 and 50-day EMAs are positioned at 0.6150/6140.
  • Elsewhere, NZ January Filled Jobs rose 0.6% MoM, while all eyes will be on the RBNZ at 2pm local time and 3pm local for the press conference, see MNI's (RBNZ preview)
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