FXStreet (Córdoba) – NZD/USD is consolidating gains at the 0.7200 area as investors gear up for the Reserve Bank of New Zealand monetary policy decision, due at 21:00 GMT.
NZD/USD rose to a 2-week high of 0.7232 amid broad USD weakness triggered by BoJ Kuroda comments. Even though the kiwi eased from highs it settled around the 0.72 mark where it has spent the last hours. At time of writing, NZD/USD is trading at 0.7195, on track to close the day with a 0.89% gain.
RBNZ decision
While consensus points to a on hold meeting with the rate unchanged at 3.5%, some analysts are still expecting a 25 bps cut at today’s meeting.
NZD/USD levels to watch
As for technical levels, next resistances are seen at 0.7232 (daily high) and 0.7250 (21-day SMA) ahead of 0.7271 (May 28 high). On the flip side, supports could be found at 0.7106/00 (daily low/psychological level), 0.7085 (Jun 9 low) and 0.7040 (Jun 8 low).
(Market News Provided by FXstreet)