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NZD/USD static support in focus

NZD/USD plunged after the New Zealand government has put the nation under a new lockdown. It has increased a little in the early morning before the RBNZ meeting. As you already know, the Reserve Bank of New Zealand was expected to hike the interest rate by 0.25%. However, the bank has decided to keep its official cash rate unchanged at 0.25%. This decision forced the kiwi to lose ground versus the greenback again. NZD/USD stands at 0.6891 level above 0.6880 static support.

It remains to see how the pair will react to the FOMC Meeting Minutes. Being in a support zone, NZD/USD could start increasing again.

NZD/USD challenges critical support

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NZD/USD has registered only false breakouts through 0.6880 static support. However, the pressure is still high. It's located under the 150% Fibonacci line after its failure to reach and retest the lower median line (LML).

The pair has shown some overbought signs after failing to stay above the median line (ML) and after failing to come back to retest this line.

Trading Conclusion

NZD/USD could extend its drop towards the warning line (WL1) if it makes a valid break below 0.6880. The outlook is bearish even if the pair stands above support. DXY rally could send the pair down.

To consider going long, NZD/USD should print a major bullish pattern here on 0.6880. A pin bar or a major bullish engulfing could signal a new leg higher.

The material has been provided by InstaForex Company - www.instaforex.com