- NZD/USD plunges after the RBNZ decides to hold OCR at 5.5%.
- A break below 0.6100 could lead the pair to navigate the region around the major support of 0.6050 and February’s low at 0.6037.
- The immediate resistance appears around the 23.6% Fibonacci retracement level of 0.6124 followed by the major barrier at 0.6150.
NZD/USD extends its losing streak for the fourth consecutive session, plunging to near 0.6110 during the Asian trading hours on Wednesday. The pair faces challenges as the Reserve Bank of New Zealand (RBNZ) decided to hold the Official Cash Rate (OCR) unchanged at 5.5% in its February monetary policy meeting.
The immediate support for the NZD/USD pair is anticipated at the psychological level of 0.6100. A break below this psychological support could put downward pressure on the pair to navigate the region around the major support level of 0.6050 followed by February’s low at 0.6037.
The lagging indicator Moving Average Convergence Divergence (MACD) suggests a momentum shift toward the downward sentiment for the NZD/USD pair. The MACD line is positioned above the centerline but shows convergence above the signal line.
Additionally, the technical analysis of the 14-day Relative Strength Index (RSI) lies below the 50 level, suggesting a bearish sentiment.
On the upside, the NZD/USD pair could find the immediate resistance around the 23.6% Fibonacci retracement level of 0.6124 followed by the major barrier at 0.6150. A breakthrough above this level could lead the pair to explore the resistance zone around the 38.2% Fibonacci retracement level of 0.6179 and the psychological level of 0.6200.
Further improvement of the NZD/USD pair could retest February’s high at 0.6219.
NZD/USD: Daily Chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD tests fresh tops above 1.0870 on NFP
The selling bias in the US Dollar gathers extra pace on Friday after the US economy created fewer jobs than initially estimated in February, sending EUR/USD to the area of new highs around 1.0870.
GBP/USD hovers around recent highs above 1.2900
The continuation of the downward trend in the Greenback encourages GBP/USD to maintain the trade just above the 1.2900 mark following the release of US NFP in February.
Gold remains bid above $2,900 after US Payrolls
Gold prices manage to leave behind Thursday’s pullback and revisits the area of $2,920 per troy ounce in the wake of the publication of the US labour market report in February.
White House Crypto Summit could boost adoption across financial markets: Binance exec Rachel Conlan
US President Donald Trump signed an executive order for a Strategic Bitcoin Reserve on Friday, shifting industry leaders’ focus from regulation to adoption. Within just over six weeks of his term, the President is set to host the first Crypto Summit, hosting industry giants and executives from the ecosystem.
February CPI preview: The tariff winds start to blow
Consumer price inflation came out of the gate strong in 2025, but price growth looks to have cooled somewhat in February. We estimate headline CPI rose 0.25% and the core index advanced 0.27%. The moderation in the core index is likely to reflect some giveback in a handful of categories that soared in January.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.