FxWirePro: NZD/USD edges lower ahead of key RBNZ policy decision

• NZD/USD edged lower    on Monday as investors shifted their focus to the Reserve Bank’s policy meeting this week.

• The Reserve Bank of New Zealand will hold its first policy meeting of the year on Wednesday and is widely expected to keep rates steady at 2.25.

• Attention will center on whether the Reserve Bank of New Zealand maintains mid-2027 as the timeframe for a possible rate hike, as well as on Governor Anna Breman’s view of the economy..

• Financial markets, however, anticipate an earlier move,, assigning a 68% probability to September and fully pricing in a move by October, despite recent economic data being mixed.

•Data released Monday showed electronic retail card spending declined 1.1% in January, marking a weak start to the year, while house prices fell 1.2% as adverse weather weighed on sales.

•  Immediate resistance is located at 0.6091(23.6%fib), any close above will push the pair towards 0.613(Higher BB).

•Support is seen at 0.6000 (SMA 20) and break below could take the pair towards 0.5975(38.2%fib).

 Recommendation: Good to buy around 0.6020 with stop loss of 0.5930 and target price of 0.6100