NZDUSD bears cheer RBNZ status-quo, FOMC minutes eyed

Although RBNZ Governor Adrian Orr could pull the NZDUSD prices back from a yearly low, not to forget mentioning the two-month-old support line, the New Zealand central bank’s refrain from a widely anticipated rate hike keeps the kiwi pair sellers hopeful. Also favoring the NZDUSD bears is the sustained downside break of 200-SMA and the previous support line from July 20 amid bearish MACD. That said, the quote currently drops towards the 0.6900 threshold before the recently flashed nine-month low of 0.6867. It should be noted that a downward sloping trend line from June 18, near 0.6860, can challenge the pair’s further downside.

Meanwhile, August 10 lows near 0.6970 guard the quote’s corrective pullback ahead of 200-SMA and support-turned-resistance line, respectively around 0.6990 and 0.7005. During the NZDUSD upside past 0.7005, the previous week’s top close to 0.7060 and a six-week-old downward sloping resistance line close to 0.7080 will be important to watch. It’s worth noting that the FOMC minutes should reject the tapering tantrum, which is less likely, to recall the NZDUSD bulls.