NZD/USD is testing the underside of a months-long range!

Are we about to see a breakout? Or will enough NZD/USD bulls step in and keep the pair in its range?

We’re taking a look at the 4-hour chart today!

NZD/USD 4-hour Forex Chart by TradingView

In a couple of hours, the Fed will drop its monetary policy decisions and projections for the month of March. Our FOMC Statement Event Guide points out that it’s gonna be an enormous deal for the market players so be sure that you’ve read all about it in the event you’re planning on trading the event!

Keep in mind that directional biases and volatility conditions in market price are typically driven by fundamentals. In the event you haven’t yet done your fundie homework on the U.S. and Latest Zealand dollars, then it’s time to ascertain out the economic calendar and stay updated on every day fundamental news!

NZD/USD could also be in place if today’s events result in a pro-risk, anti-USD trading environment. The pair is hanging out near the 4-hour chart’s S1, which conveniently lines up with a resistance zone from late 2023 in addition to the underside of a variety that’s been solid in 2024.

Will NZD/USD bulls step in to maintain the pair inside its 2024 range? Or are NZD bears just waiting for a catalyst to bust NZD/USD out of its range?

Bullish candlesticks in the following trading sessions could attract NZD/USD bulls and push the pair back to the .6100 psychological level. And, if there’s a bullish catalyst, we may even see NZD/USD head for the .6130 mid-range zone or the .6200 range resistance area.

If today’s events result in more risk aversion or USD-buying, nonetheless, then NZD/USD could extend its weekly downswing. The pair may pop up convincing bearish candlesticks and attract enough NZD bears to pull NZD/USD to the .6000 psychological level if not the .5950 previous area of interest.

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