NZD/USD Price Analysis: Surrenders majority of hawkish RBNZ-induced gains

NZD/USD retreats to 0.6100 but still holds hawkish RBNZ -inspired gains. The RBNZ said the decision on rate cuts will be delayed amid headwinds of persistent price pressures. Investors await the FOMC minutes to project the next move in the US Dollar. Earlier, the Kiwi asset rose vertically to 0.6150 after the Reserve Bank of New Zealand delivered a hawkish interest rate outlook post keeping its Official Cash Rate steady at 5.5% for the seventh time in a row.

An upside move above February 9 high of 0.6160 will drive the asset towards 61.8% Fibo retracement at 0.6200, followed by January 15 high near 0.6250 On the contrary, fresh downside would appear if the asset breaks below April 4 high around 0.6050 This would drag the asset towards the psychological support of 0.6000 and April 25 high at 0.5969.

RBNZ Fed Inflation Supportresistance

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