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Pair is currently trading at $0.6483 levels, made intraday high at $0.6516 and low at $0.6474.
- The long awaited meeting of RBNZ is widely expected to bring no change to the record low interest rates, but the tone and outlook of the accompanying statements might drive significant volatility, taking into account the effects of China and downfall of crude oil prices.
- RBNZ officials lowered the main rate in December 2015 amid ongoing deceleration of global growth, weak crude oil prices, along with inflation that remained well below the target level.
- Ahead of RBNZ statement, pair is likely to get affected by FOMC statement. Fed is widely expected to keep interest rate unchanged at 0.50% today.
- Initial support levels are seen at $0.6444, $0.6390 and $0.6357 levels.
- Alternatively on the top side resistance levels are seen at $0.6531, $ 0.6564 and $0.6618 levels.
