NZD/USD - is Rising Ahead of RBNZ Policy Meeting - 05/08/2017 (GMT)

New Zealand dollar is rising against the U.S. dollar after the price rebounded on 0.6890 support zone and rose above the diagonal line, connecting the high from April 23 and May 03. Price is sustaining above it and 0.6920 gives signs for further appreciation of the NZD/USD pair ahead of the RBNZ interest rate decision on Wednesday.

We would expect the pair to rise up near 0.6970 resistance level, which may sustain during the first price test. On the other hand, if the price falls below 0.6880, we would expect a decline until the 0.6840 support level. The price is between the 50-EMA and 100-EMA on the 4-hour chart, which is a signal for deep correction of the downtrend movement. On the other side, MACD is rising and holds above the zero line, signalling for possible rising. RSI is also advancing and sloping up approaching the level of 70.