The Reserve Bank of New Zealand kept interest rates unchanged but raised its forecasts for future interest rates. This was more stringent and sent the NZD/USD pair higher. But after reaching the swing zone resistance between 0.6148 and 0.6159, buyers turned to sellers. It was believed that Governor Orr's comments were less aggressive, which helped push the price down.
This move lower brought the price back to the 50% midpoint of the move down from the December high to the April low. This level comes at 0.61096. The price traded above and below this level at the beginning of the New York session, as traders look for the next directional move.
If the price declines, the 100-day moving average at 0.60712 is the next major target to reach. On the upside, the 0.6139 area and the 0.6149 to 0.6159 swing zone remain the levels needed to be crossed to increase the bullish bias.
Buyers had their chance, but faced technical resistance. Can sellers push down? Currently, buyers and sellers are competing at a neutral midpoint.
NZDUSD is trading above and below the 50% midpoint
