NZD/USD rises back to test weekly highs ahead of RBNZ

US Dollar falls across the board amid risk appetite.
NZD/USD keeps facing strong resistance around 0.5750.
RBNZ to decide on monetary policy on Wednesday.

Matías Salord FXStreet

The NZD/USD rose during the American session boosted by a broad-based decline of the US dollar across the board. The pair climbed to 0.5747 and it is hovering around 0.5735, up less than 20 pips for the day, with a bullish momentum.

The kiwi needs to make a clear break above 0.5750 in order to open the doors to further gains. The next barrier is seen at 0.5805. On the flip side, the immediate support might be seen at 0.5725 while the key intraday level is 0.5680, the daily low. A break under 0.5680 would leave the kiwi vulnerable.

The rally of the NZD/USD continues to be driven by a decline of the US dollar across the board. The DXY is falling again on Tuesday, about to post the fourth decline out of the last five days. It is trading at 110.48, the lowest level since September 22.

The improvement in market sentiment and lower US yields weakened the demand for the greenback during the last session. US employment reports due on Wednesday (ADP) and Friday (NFP) will be watched closely.

Next stop: RBNZ

On Tuesday the Reserve Bank of Australia surprised market participants with a rate hike of 25 basis points instead of the 50 bps expected. “Quite clearly, today's RBA decision may stoke speculation that other central banks will begin slowing the pace of hikes”, wrote analysts at TD Securities.

The Reserve Bank of New Zealand will announce its decision on Wednesday (01:00 GMT). A 50 basis points rate hike to 3.50% is expected. It would be the fifth consecutive hike in a row. Any changes to the statement could have a large impact on the kiwi.

Technical levels

NZD/USD

Overview
Today last price	0.5728
Today Daily Change	0.0004
Today Daily Change %	0.07
Today daily open	0.5724

Trends
Daily SMA20	0.5889
Daily SMA50	0.6102
Daily SMA100	0.6208
Daily SMA200	0.6468

Levels
Previous Daily High	0.5732
Previous Daily Low	0.56
Previous Weekly High	0.5755
Previous Weekly Low	0.5565
Previous Monthly High	0.6162
Previous Monthly Low	0.5565
Daily Fibonacci 38.2%	0.5682
Daily Fibonacci 61.8%	0.565
Daily Pivot Point S1	0.5639
Daily Pivot Point S2	0.5553
Daily Pivot Point S3	0.5506
Daily Pivot Point R1	0.5771
Daily Pivot Point R2	0.5817
Daily Pivot Point R3	0.5903

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

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