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NZD/USD holds above 0.8225, for now...

FXStreet (San Francisco) - The NZD/USD is trading sideways in between the 0.8225 and 0.8240 as investors are waiting for RBNZ's news on interest rates as the bank is expected to place itself in a wait-and-see mode.

The NZD/USD trades in the red ahead of RBNZ monetary policy decision, largely expected to offer nothing new to market players. As of late, commodity currencies had finally capitulated to dollar strength, shedding ground while European ones aim to bounce from multi month lows.

The Reserve Bank of New Zealand is scheduled to release its decision on monetary policy at 21:00 GMT.

Currently, NZD/USD is trading at 0.8230, down 0.17% on the day, having posted a daily high at 0.8268 and low at 0.8207. The hourly FXStreet OB/OS Index is showing neutral conditions, alongside the FXStreet Trend Index which is slightly bullish.

NZD/USD sentiment

"The NZD/USD daily chart shows lower lows and lower highs which keeps risk to the downside," comments Valeria Bednarik from FXStreet. "The 0.8200 figure comes as immediate support and a steady decline below it on news may open doors for further slides down to 0.8145 price zone, where the pair presents several daily lows between December last year and February 2014. Immediate resistance on the other hand stands at 0.8250 and some firmer advance above the level should signal an approach to the 0.8300 mark in the short term."

If the pair breaks below 0.8225, it will face supports at 0.8210 and 0.8200. On the upside, resistances come at 0.8240, 0.8265 and 0.8285.

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