Rate is expected to remain unchanged at 1.75%

The RBNZ is expected to keep rates unchanged at 1.75% when they announce their decision at 3 PM ET/2000 GMT. RBNZ Governor Wheel with hold a press conference an hour later at 4 PM ET/2100 GMT. At the last meeting in November, the RBNZ cut rates by 25 basis points. The statement that accompanied that decision can be found HERE.

What are the technical levels in play through the decision?

Looking at the daily chart, the 0.7362-79 is home to some swing highs going back to August 2016. Yes, there have been moves above that area - in September and again in November - but there are only 4 closes above that area, and the move higher in November was for only one day (it came right before the statement day on November 10th). In trading yesterday, the price moved into that area, and found willing sellers. A move above will be more bullish (needs to stay above). The next targets would be the highs from 2016 at 0.7402 and 0.74847.

On the downside, a level that is shaping up as a support level is the 0.7236-46. The 61.8% of the move down from the September high comes in at 0.7246. The high from December 2016 stalled at 0.7238. This month the low has come in at 0.72366 - just below that November swing level.

Are there other clues that are closer to the current price of 0.7303?

Drilling down to the hourly chart (see chart below),the price action over the last 10 or so days is showing lots of ups and downs.

Looking at the chart below, the 0.7330-367 level is closer resistance. We have had 3 separate highs over the last 5 days in that area. A move above should target the topside target at the 0.7362-79

On the downside, a trend line cuts across at 0.7286. Moving below that level and there could be a run toward the 0.7236-46 area.