NZD/USD Price Analysis: Holds steady above the 200-DMA ahead of RBNZ's meeting

NZD/USD could extend its rally toward 0.6200 if RBNZ’s Governor Orr strikes a hawkish message.
A dovish tilt by the RBNZ could drive the pair toward the 200-DMA and below the latter.

Christian Borjon Valencia FXStreet

The New Zealand Dollar (NZD) is flat against the US Dollar (USD), early during Wednesday’s Asian session, ahead of the Reserve Bank of New Zealand (RBNZ) monetary policy decision. At the time of writing, the pair exchanges hands at around 0.6134, sitting above the 200-day moving average (DMA), suggesting the pair remains bullish.

Given the backdrop, a hawkish stance by the RBNZ could likely underpin the pair to test the next resistance area at 0.6225, the July 31 swing high, followed by the July 27 high at 0.6273.

Conversely, and the most likely scenario, RBNZ Governor Adrian Orr and Co. are expected to hold rates unchanged for the fifth consecutive meeting, which would likely weigh on the NZD/USD pair, which would dive toward the 0.6100 figure, ahead of the 200-DMA at 0.6089. If the exchange rates pierces that support level, the losses could extend to 0.6050, and beyond.

NZD/USD Price Analysis – Daily Chart

Also read: New Zealand Dollar traders prepare for RBNZ interest rate meeting

NZD/USD Technical Levels

NZD/USD

Overview
Today last price	0.6138
Today Daily Change	0.0038
Today Daily Change %	0.62
Today daily open	0.61

Trends
Daily SMA20	0.5969
Daily SMA50	0.5937
Daily SMA100	0.5993
Daily SMA200	0.6091

Levels
Previous Daily High	0.6109
Previous Daily Low	0.606
Previous Weekly High	0.6092
Previous Weekly Low	0.5978
Previous Monthly High	0.6056
Previous Monthly Low	0.5772
Daily Fibonacci 38.2%	0.609
Daily Fibonacci 61.8%	0.6079
Daily Pivot Point S1	0.607
Daily Pivot Point S2	0.6041
Daily Pivot Point S3	0.6021
Daily Pivot Point R1	0.6119
Daily Pivot Point R2	0.6139
Daily Pivot Point R3	0.6168

Author

Christian Borjon Valencia

FXStreet

Markets analyst, news editor, and trading instructor with over 14 years of experience across FX, commodities, US equity indices, and global macro markets.

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