NZD/USD Holds Steady Above 200-day Moving Average Ahead of RBNZ Decision

In early trading in Asia on Wednesday, the New Zealand dollar/US dollar was flat before the Reserve Bank of New Zealand announced its interest rate decision. At press time, the NZD/USD exchange rate was trading around 0.6134, above the 200-day moving average (DMA), indicating that the NZD/USD pair remains bullish.

Against this backdrop, a hawkish RBNZ stance could support NZD/USD testing the next resistance at 0.6225, the July 31 swing high, and then the July 27 high at 0.6273.

On the downside, and the most likely scenario, RBNZ Governor Adrian Orr and others are expected to keep rates on hold for the fifth consecutive meeting, which could weigh on NZD/USD, It dropped to around 0.6100, which is around 0.6089, the 200-day moving average. If NZD/USD breaks below this support, losses could extend to 0.6050 or even further.

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