FxWirePro: NZD/USD consolidates previous session's gains, RBNZ policy awaited for further direction
Chart - Courtesy Trading View
NZD/USD was trading 0.47% lower on the day at 0.5693 at around 13:00 GMT.
The pair is extending sideways, hovers around 200H MA, decisive break above will fuel further gains.
Focus on the RBNZ monetary policy scheduled for Wednesday for impetus, RBNZ is expected to sound hawkish.
A fifth consecutive 50 bps rate hike is expected by the RBNZ to continue the fight against inflation.
The DXY is showing signs of more weakness ahead of the US Nonfarm Payrolls (NFP) data later this week.
Major trend in the pair is bearish. Recovery lacks traction. Bearish invalidation only above 21-EMA.
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