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  • NZD/USD meeting critical resistance ahead of RBNZ.
  • 4-hour support is compelling on a break of hourly structure.  

There are downside prospects ahead of the Reserve Bank of New Zealand event today as the following illustrates from an hourly and 4-hourly perspective.  

Hourly chart

The price is testing hourly resistance ahead of the event, supported by the hourly support structure.  

4-hour chart

From a 4-hour perspective, the downside is compelling with respect to the W-formation and a 38.2% Fibonacci could be on the cards which would clear the hourly support.