NZD/USD Price Analysis: Bears are in the market and eye a break below 0.6150
- NZD/USD´s 4-hour chart shows that the price needs to break below 0.6215.
- Below 0.6215, bears will seek a continuation below 0.6150.
NZD/USD is flat on the day so far after what was a relatively quiet session on Wednesday. The pair has stuck to familiar ranges around 0.6220 amid growing expectations that the Reserve Bank of New Zealand will lift the official cash rate by 25bps to 5.0% at its meeting next week and a move to hike rates again to 5.25% in May.
However, until then, there is room for the US Dollar to claw back some ground and the following illustrates a downside bias for NZD/USD:
NZD/USD daily charts
The price is on the back side of the prior bullish trend but a break of another micro trendline support will open the risk of a break below 0.6190 and then 0.6150.
NZD/USD H4 chart
NZD/USD´s 4-hour chart shows that the price needs to first break below 0.6215.