NZDUSD Analysis: Support at 0.6650/0.6590, resistance at 0.6738/0.6770

As we move into FOMC day, the markets have become characteristically settled. This will often be seen due to the potential volatility surrounding the aftermath of the decision tonight (at 1900BST). It is interesting that prices of commodities have also started to see the selling pressure easing in the past 24 hours. Perhaps due to the liquidity easing measures from the PBOC, or maybe due to the FOMC tonight, but the price of oil has picked up for the first time in almost two weeks, whilst gold has settled. Furthermore, the incredibly weak US Consumer Confidence data also seems to have taken the shine off the dollar strength too which has had a knock on impact across markets, the under pressure commodity currencies certainly feeling the benefit.
The Federal Reserve gives its monetary policy update tonight in the form of a statement. There will be no press conference and no economic forecasts, just the statement. That means that there is unlikely to be any drastic change on the cards. There may be some minor tweaking to the statement but it would be merely speculation to suggest what. However it is marginally possible that there could be some reference to being mindful of falling commodity prices (which would be dovish) or perhaps if they are feeling really bold a reference towards the timing of a rate rise being nearer (which would be bullish). However the Fed is a cautious committee and it is unlikely to want to have its hands tied with so much important data to come. Furthermore, the chances are that it will use the Jackson Hole symposium for any early hints.