NZD/USD is trapped in a narrowing price range, according to the hourly chart. As of writing, the spot is trading in the red at 0.6672 with the range resistance and support lined up at 0.6682 and 0.6672, respectively. Hourly chart A range breakdown would imply a resumption of the sell-off from the recent high of 0.6783 and could yield a deeper drop toward 0.66, as the 14-day relative strength index (RSI) is biased bearish at 35.00. A range breakout would open the doors for a retest of 0.6700-0.6720. The official data due for release at 03:00 GMT is expected to show the credit card spending in New Zealand rose 5.5 percent year-on-year in March, following a 6.4 percent rise in February. A weaker-than-expected will likely boost the RBNZ rate cut bets and send in the NZD lower across the board. Hence, a range breakout, if confirmed ahead of the data release, should be viewed with caution by the NZD bulls. Trend: Neutral Pivot points FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Japan’s Trade Minister: US decision on Iranian oil exports will have limited impact on Japan FX Street 4 years NZD/USD is trapped in a narrowing price range, according to the hourly chart. As of writing, the spot is trading in the red at 0.6672 with the range resistance and support lined up at 0.6682 and 0.6672, respectively. Hourly chart A range breakdown would imply a resumption of the sell-off from the recent high of 0.6783 and could yield a deeper drop toward 0.66, as the 14-day relative strength index (RSI) is biased bearish at 35.00. A range breakout would open the doors for a retest of 0.6700-0.6720. The official data due for release at 03:00 GMT is expected to… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
