- NZD/USD reverses post-RBNZ gains as RBNZ Governor Orr hints at sub-par growth, rules out 0.75% rate hike.
- Convergence of 100-SMA, 38.2% Fibonacci retracement restricts short-term downside.
- One-week-old horizontal resistance adds to the upside filters.
NZD/USD takes offers to reverse the latest gains inspired by the Reserve Bank of New Zealand’s (RBNZ) rate hike as Governor Adrian Orr seems cautiously optimistic during the press conference after the interest rate announcement on Wednesday. That said, the Kiwi pair drops to 0.6340, extending the pullback from 0.6383, by the press time.
Also read: RBNZ’s Orr: Not forecasting recession but do see sub-par growth
In addition to RBNZ’s Orr, the quote’s failure to defend the early day’s upside break of the 50-SMA, as well as the cross the one-week-old horizontal resistance, also lured the NZD/USD bears of late.
It’s worth noting that the RSI (14) holds lower ground, suggesting a lack of momentum support.
With this, the Kiwi pair remains vulnerable to testing the 0.6315-10 support confluence including the 100-SMA and 38.2% Fibonacci retracement level of the July-August upside.
However, the NZD/USD weakness past 0.6310 will be questioned by the 0.6300 and an upward sloping support line from mid-July, at 0.6281 by the press time.
Meanwhile, the 50-SMA and the aforementioned horizontal hurdle, respectively around 0.6350 and 0.6385, guard the quote’s recovery moves.
Following that, multiple levels around 0.6420 could test the NZD/USD bulls ahead of directing them to the monthly peak of 0.6468.
NZD/USD: Four-hour chart
Trend: Further weakness expected
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 keeps the bullish bias intact around 1.0500
A mild rebound in the Greenback prompts EUR/USD to recede from earlier peaks and settle around the 1.0500 neighbourhood on Tuesday, while market participants keep monitoring developments around US tariffs.

GBP/USD comes under pressure, revisits 1.2650
GBP/USD failed to extend its rebound further north of the 1.2680 zone on Tuesday, sparking instead a corrective move to the mid-1.2600s amid a mildt bounce in the Greenback.

Gold deflates below $2,900, six-day lows
The corrective move in Gold prices remains well and sound and now prompts the yellow metal to breach the key $2,900 mark per ounce troy despite the intense downside bias in the US Dollar and the generalised decline in US yields.

Bitcoin edges below $90,000, ending its long streak of consolidation
Bitcoin (BTC) continues to trade in red, reaching a low of $88,200 during Tuesday’s early Europen trading session and hitting the lowest level since mid-November after falling 4.89% the previous day.

Five fundamentals for the week: Fallout from German vote, Fed's favorite figure stand out Premium
Statements, not facts, are set to dominate the last week of February. Further fallout from Germany's elections and new comments from Trump on trade may overshadow most figures –but not the Fed's favorite inflation figure.

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.