NZDUSD is fighting back against short fiercely. It lacks a momentum to continue a move down. RBNZ clearly advocates for NZD weakness. The reaction on RBA statement by AUD was neutral as expected. In many cases traders fade out such announcements which can happen to AUD today. This will drag NZD into a freefall. The chart of NZDUSD shows a sideways movement in the recent days. The currency pair needs to breakout strongly above 0.655 to create an upside bias. With the spikes on H4 charts and a return to the zone and the channel, the pair has a chance to retest the lower boundary of the consolidation at 0.64 today. The large move in this pair might not happen until the next RBNZ minutes in March.
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