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    NZD/USD in limbo ahead of Fed and RBNZ decisions

    © Dukascopy Bank SA
    "It is the kiwi where the most action could be reasonably expected, with economists expecting the RBNZ to hold, but another cut a huge possibility." 
    - VantageFX (based on WBP Online) 


    Pair's Outlook 
    The Kiwi edged higher towards the 0.65 psychological level on Tuesday, boosted by a rebound in commodity prices. The situation today is quite tricky. On one hand, technical studies retain bearish signals, while turmoil around the RBNZ possible rate cut today rises. In such case the lowest level to limit the dips is located around 0.6315, namely the monthly S3 and the Bollinger band. On the other hand, decision to hold rates unchanged might spark a rally up to the 100 or even the 55-day SMA, which are surrounding the 0.66 level. In any case, fundamentals are the main Kiwi/Dollar driver today. 

    Traders' Sentiment 
    Bullish market sentiment remains unchanged at 63%, whereas the number of sell orders increased from 53 to 56%.
    © Dukascopy Bank SA

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