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Forex: NZD/USD around 0.8400, eyes on RBNZ

FXstreet.com (Barcelona) - The kiwi dollar is trading on the back foot ahead of the RBNZ monetary policy meeting due later. Prior surveys expect the central bank to leave the repo rate unchanged at 2.5%.

I.Spivak, Currency Strategist at DailyFX, commented, “prices broke downward after putting in a bearish Dark Cloud Cover candlestick pattern. Support is at 0.8387, the 23.6% Fibonacci retracement, with a break below that exposing the 38.25 level at 0.8209. Near-term resistance is at 0.8497, the 14.6% retracement.

At the moment, the cross is down 0.26% at 0.8401 with the next support at 0.8364 (MA100d) ahead of 0.8360 (low Apr.23).
On the upside, a breakout of 0.8446 (MA21d) would expose 0.8462 (high Apr.22).

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