NZDUSD range bound, with RBNZ on the horizon

On Friday, the NZDUSD traded with significant volatility as the price surged strongly to the 0.62 resistance level but failed to break above, ending the trading week at the 0.6150 price level.

Early in the trading session today, the NZDUSD is trading lower with the potential to reach the 0.61 support level.

Look for the NZDUSD to break the 0.6120 interim price level to signal further downside potential toward the 0.6070 key support level.

Watch out for the RBNZ interest rate decision on the horizon, with a 75bps rate hike expected, this could bring significant volatility to the NZDUSD.