NZD/USD Unable To Break back Above 0.6200, Awaits RBNZ Tomorrow

NZD had a decent pullback on Monday ahead of the RBNZ meeting on Wednesday, down 0.40% to be the worst performing G10 currency. The OCR is widely expected to remain on hold at 5.50%, although ANZ and TD have a forecasted a 25bp rise to 5.75%.

• NZD/USD did very little post the Asia session on Monday, making an attempt to higher during the European session touching 0.6185, before reversing that move. The pair currently trades at 0.6173, just below recent initial support.
• Key levels to watch, spot currently hovers around 0.6170 just below initial support at 0.6174 (Highs from Jan 1), a hold below here opens a move to 0.6150/60 (highs from Jan 9/Jan 2) and further below to 0.6130 (lows Feb 20). To the upside, initial resistance is 0.6218 (Feb 22 highs) and break above opens a move to 0.6260 (Jan 11 Highs). Currently, the 20 and 50-day EMAs are positioned at 0.6145/6140.
• Elsewhere, NZ property prices are falling, as the average residential property asking prices fell 2.3% YoY according to Trade me listing, while Leveraged kiwi longs now sit at the highest since August 2023