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NZDUSD : Investors Waiting For RBNZ Monetary Policy Statement

(NZDUSD : 4 Hour Chart)

NZDUSD today found resistance at .8573 from which the pair declined earlier also so seems like a key resistance breaking above which will give some bullish trend. NZD was rising against US dollar as investors are waiting for the Reserve Bank of New Zealand’s upcoming policy statement releasing later today at 5 PM EDT. The Central Bank is expected to raise its benchmark rate by .25%. However the NZD found resistance fell down as higher treasury yields supported the demand of US Dollar but the pair will find support from the rising support trend line.

(NZDUSD : 4 Hour Chart)

A rising wedge pattern can be seen on the chart giving a bearish signal and the pair might decline breaking the support trend line however if ignoring the resistance trend line of the wedge the pair might also break the resistance trend line but the gains will be limited as it is trading in the overbought zone of the stochastic oscillator.