#NZD/USD# renews the yearly low near 0.5950 heading into the #RBNZ# Interest Rate Decision. The Kiwi pair’s latest fall could be linked to the broad risk aversion wave and the US Dollar strength, especially amid downbeat concerns surrounding China.
That said, the clear early signals of witnessing no rate hike limit the #NZD/USD# moves unless the RBNZ surprises the Kiwi pair traders.
Apart from the interest rates, the economic forecasts and language of the RBNZ Rate Statement will also be the key for the #NZD/USD# pair traders to watch.
It’s worth noting that the existence of the Fed Minutes dims the importance of today’s RBNZ announcements unless any surprises erupt.
Technically, a daily closing below May’s bottom of around 0.5985 directs the #NZD/USD# bears toward the early October 2022 peak of around 0.5815.
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