The NZDUSD is trading near lows ahead of RBNZ rate decision. What are the key levels?

<p>The RBNZ meets and announces their interest decision in the new trading day (at 10 PM ET). </p><p>After 12 consecutive hikes, the central bank kept rates unchanged at their last meeting at 5.5%. They are expected to keep the rate unchanged once again. </p><p>Going forward the market has just a 10% chance of a October hike, and a 30% chance for a November hike as inflation remains high relative to the target of 1 – 3% (currently at 6%).</p><p>The current price is trading near lows for the year after dipping below the old low from the end of May at 0.5985. That level will be a barometer for "bullish above" and "bearish below" after the decision. </p><p>On the topside, a move higher would have traders targeting the 50% midpoint of the range since the 2022 low. That level comes in at 0.60242. It is also near the low of a swing area on the 4 – hour chart (swing area extends up to 0.6032). Get about that area and the door opens for further upside momentum.</p><p>On the downside, the 61.8% retracement of the range since the 2022 low cuts across as 0.5903 (close to 0.5900). Move below that level and the door opens for further selling momentum.</p>

This article was written by Greg Michalowski at www.forexlive.com.