CFD Trading Rate New Zealand Dollar vs US Dollar (NZDUSD)

The Reserve Bank of New Zealand (RBNZ) held its Official Cash Rate (OCR) unchanged. Economists at Danske Bank analyze NZD/USD outlook after the decision.

RBNZ holds rates steady

The New Zealand Dollar (NZD) is losing its ground after the Reserve Bank of New Zealand (RBNZ) poured cold water on further rate increases this year. Economists at TD Securities analyze Kiwi’s outlook.

RBNZ on hold till May'25

• NZD/USD drops vertically to 0.6100 on dismal mood, RBNZ signals peak for interest rates.
• The RBNZ sees inflation declining to the 1%-3% range by Q32024.
• Investors await the US core PCE price index data for fresh guidance.

The NZD/USD pair witnesses an intense sell-off amid multiple headwinds. The Kiwi asset plunges to the round-level support of 0.6100 due to dismal market sentiment and a dovish guidance from the Reserve Bank of New Zealand (RBNZ).

The RBNZ kept its Official Cash Rate (OCR) unchanged at 5.50% for the fifth time in a row to maintain downward pressures on sticky inflation. The central bank sees the consumer price inflation returning to the desired range of 1%-3% by the third quarter of 2024.

Meanwhile, chances of further policy tightening by the RBNZ have eased dramatically as it has warned about potential risks to the New Zealand economy. However, latest forecasts from the RBNZ show that no rate cuts are expected before 2025.

In addition to that, dismal market sentiment has weighed heavily on the New Zealand Dollar. The market mood has turned cautious as investors await the United States core Personal Consumption Expenditure price index (PCE) data for January, which will be published on Thursday. The underlying inflation data will provide more cues about when the Federal Reserve (Fed) will start reducing interest rates.

The consensus from economists shows that the core PCE price index grew by 0.4% on a month-on-month basis against a 0.2% increase in December. Annually, the underlying inflation data decelerated to 2.8% from 2.9% in December. Soft inflation data would prompt expectations of rate cuts by the Fed.

• NZD/USD plunges after the RBNZ decides to hold OCR at 5.5%.
• A break below 0.6100 could lead the pair to navigate the region around the major support of 0.6050 and February’s low at 0.6037.
• The immediate resistance appears around the 23.6% Fibonacci retracement level of 0.6124 followed by the major barrier at 0.6150.

NZD/USD extends its losing streak for the fourth consecutive session, plunging to near 0.6110 during the Asian trading hours on Wednesday. The pair faces challenges as the Reserve Bank of New Zealand (RBNZ) decided to hold the Official Cash Rate (OCR) unchanged at 5.5% in its February monetary policy meeting.

The immediate support for the NZD/USD pair is anticipated at the psychological level of 0.6100. A break below this psychological support could put downward pressure on the pair to navigate the region around the major support level of 0.6050 followed by February’s low at 0.6037.

The lagging indicator Moving Average Convergence Divergence (MACD) suggests a momentum shift toward the downward sentiment for the NZD/USD pair. The MACD line is positioned above the centerline but shows convergence above the signal line.

Additionally, the technical analysis of the 14-day Relative Strength Index (RSI) lies below the 50 level, suggesting a bearish sentiment.

On the upside, the NZD/USD pair could find the immediate resistance around the 23.6% Fibonacci retracement level of 0.6124 followed by the major barrier at 0.6150. A breakthrough above this level could lead the pair to explore the resistance zone around the 38.2% Fibonacci retracement level of 0.6179 and the psychological level of 0.6200.

Further improvement of the NZD/USD pair could retest February’s high at 0.6219.

NZD/USD: Daily Chart

• NZD/USD meets with aggressive supply after the RBNZ decides to maintain the status quo.
• The sharp intraday downfall seems rather unaffected by the lack of any USD buying interest.
• Traders now look to RBNZ Governor Adrian Orr’s presser for some meaningful impetus.

The NZD/USD pair attracts heavy selling after the Reserve Bank of New Zealand (RBNZ) announced its policy decision and dives to over a one-week low in the last hour. Spot prices currently trade around the 0.6120 region and seem vulnerable to prolonging the recent retracement slide from over a one-month peak touched last week.

As was anticipated, the RBNZ decided to keep the Official Cash Rate (OCR) steady at 5.50% for the fifth time in a row at the end of the February policy meeting. This seems to have disappointed some investors anticipating further tightening in the wake of still-sticky inflation and turns out to be a key factor exerting downward pressure on the New Zealand Dollar (NZD). The focus now shifts to RBNZ Governor Adrian Orr’s press conference at 02:00 GMT, which should infuse some volatility and produce short-term trading opportunities around the NZD/USD pair.

In the meantime, bulls seem rather unaffected by subdued US Dollar (USD) price action, which continues with its struggle to gain any meaningful traction amid the looming US government shutdown. Apart from this, Tuesday's disappointing release of the US Durable Goods Orders and a softer tone surrounding the US Treasury bond yields keep the USD bulls on the defensive, albeit does little to lend any support to the NZD/USD pair. This, in turn, suggests that the path of least resistance for spot prices is to the downside and validates the near-term negative outlook.

• NZD/USD consolidates around 0.6170 in Wednesday’s early Asian session. 
• The Reserve Bank of New Zealand (RBNZ) is expected to keep the interest rate steady at 5.50% in February. 
• Hawkish comments from Fed Governor Bowman and Kansas City Fed President Schmid provided little support to the USD. 
• The US GDP growth numbers for Q4 will be due later on Wednesday. 

The NZD/USD pair oscillates in a narrow trading range above the mid-0.6100s during the early Asian session on Wednesday. Investors prefer to wait on the sidelines ahead of the Reserve Bank of New Zealand (RBNZ) Interest Rate Decision, with no change in rate expected. At press time, NZD/USD is trading at 0.6170, gaining 0.06% on the day. 

The RBNZ is expected to keep the Official Cash Rate (OCR) steady at 5.50% for the fifth meeting in a row. However, the possibility of a rate hike cannot be ruled out. Investors will monitor RBNZ Governor Adrian Orr’s press conference, which might offer some hints about the monetary policy and inflation outlook. If the New Zealand central bank surprises markets with a 25 basis points (bps) rate hike, the New Zealand Dollar (NZD) might attract some buyers. On the other hand, the dovish comments from RBNZ could drag the NZD lower and create a headwind for the NZD/USD pair. 

On the USD’s front, hawkish comments from Federal Reserve (Fed) officials provided little support to the US Dollar (USD). Fed Governor Bowman said inflation will continue to decline with interest rates held at current levels, but it is not yet time to start lowering rates, while Kansas City Fed President Schmid stated that there is no need to preemptively adjust the stance of monetary policy as inflation is running above target, labor markets are tight, and demand is showing considerable momentum. 

Investors will closely watch the US Gross Domestic Product Annualized for the fourth quarter (Q4) on Wednesday, along with preliminary Goods Trade Balance, Fed’s Bostic, Collins, and Williams speeches. The attention will shift to the Fed's preferred inflation measure, the Personal Consumption Expenditures Index (PCE) report on Thursday. The stronger-than-expected data might lift the Greenback and cap the upside of the NZD/USD pair. 

The New Zealand Dollar (NZD) has had a strong month of February, emerging as the best-performing G10 currency. Economists at ING analyze Kiwi’s outlook.

NZD/USD to break the 0.6500 mark the third quarter

• NZD/USD drops to 0.6150 as the US Dollar gauges temporary support.
• Investors await the US core PCE price index and the RBNZ monetary policy for further guidance.
• The RBNZ is expected to keep interest rates at 5.50%.

The NZD/USD pair remains on the backfoot near 0.6150 in Tuesday’s European session. The Kiwi asset faces a sell-off as investors see the Reserve Bank of New Zealand (RBNZ) keeping its Official Cash Rate (OCR) unchanged at 5.50%.

Last week, RBNZ Governor Adrian Orr warned about economic risks associated with the over-tightening of monetary policy. While he acknowledged that the RBNZ needs to do more work to tame price pressures.

Meanwhile, the US Dollar recovers intraday losses as investors turn cautious ahead of the United States core Personal Consumption Expenditure (PCE) price index data for January, which will be published on Thursday. The inflation data will guide market expectations for rate cuts by the Federal Reserve (Fed).

Meanwhile, Fed policymakers have been in favor of keeping interest rates unchanged in the range of %-% until they get convinced that inflation will decline to the 2% target.

NZD/USD falls sharply after testing the breakdown of the consolidation formed in a range of 0.6180-0.6220 on an hourly scale. A breakdown of the consolidation indicates that institutional investors sell inventory to retail participants.

The near-term outlook has turned bearish as it has dropped below the 50-period Exponential Moving Average (EMA), which trades around 0.6174.

The range shift move by the 14-period Relative Strength Index (RSI) from the bullish range of 40.00-80.00 to 20.00-60.00 indicates that investors will use pullback moves to make fresh shorts.

Going forward, a downside move below February 20 low near 0.6129 would expose the asset to the round-level support of 0.6100, followed by February 13 low near 0.6050.

On the flip side, an upside move would emerge if the asset will break above the round-level resistance of 0.6200, which will drive the asset towards February 22 high at 0.6220, followed by January 11 high at 0.6260.

NZD/USD hourly chart

• NZD/USD drifts lower for the second straight day and drops to a one-week low on Tuesday.
• Retreating US bond yields undermines the USD and helps limit the downside for the major.
• Traders look to the US macro data for a fresh impetus ahead of the RBNZ on Wednesday.

The NZD/USD pair remains under some selling pressure for the second straight day on Tuesday and drops to a one-week low, around mid-0.6100s during the Asian session. Spot prices, however, recover a few pips from the daily trough in the wake of a modest US Dollar (USD) downtick and currently trade around the 0.6165 region, down just over 0.10% for the day.

The USD Index (DXY), which tracks the Greenback against a basket of currencies, remains depressed amid a fresh leg down in the US Treasury bond yields, which, in turn, helps limit the downside for the NZD/USD pair. Any meaningful downfall for the USD, however, still seems elusive as investors now seem convinced that the Federal Reserve (Fed) will keep interest rates higher for longer on the back of sticky inflation and a still-resilient US economy.

The Fed's hawkish outlook should act as a tailwind for the US bond yields and the buck, warranting caution before positioning for the resumption of the NZD/USD pair's recent strong move up witnessed over the past two weeks or so, from sub-0.6100 levels. Traders might also prefer to wait on the sidelines ahead of the key central bank event risk – the Reserve Bank of New Zealand (RBNZ) policy decision, scheduled to be announced on Wednesday.

In the meantime, traders on Tuesday will take cues from the US macro data– Durable Goods Orders, the Conference Board's Consumer Confidence Index and the Richmond Manufacturing Index. The focus, however, will remain glued to the US Personal Consumption Expenditures (PCE) Price Index on Thursday, which should influence the Fed's future policy decisions. This, in turn, will provide a fresh impetus to the USD and the NZD/USD pair.

• NZD/USD holds a negative note near 0.6170 in Tuesday’s early Asian session. 
• Sticky inflation in the US prompted investors to push back against the expectation of rate cuts.
• The RBNZ is expected to keep the rate on hold on Wednesday, but the possibility of a hike cannot be ruled out. 
• Market players will monitor the RBNZ monetary policy meeting and the US Gross Domestic Product Annualized for Q4.

The NZD/USD pair trades on a weaker note around 0.6170 after retracing from the 0.6200 barrier during the early Asian session on Tuesday. The pair edges lower despite the weaker US Dollar Index (DXY). Investors await the Reserve Bank of New Zealand (RBNZ) interest rate decision on Wednesday, with no change in rates expected. 

The recent US inflation data showed a sticky inflation in the United States and prompted investors to push back against the expectation of rate cuts. The Federal Reserve (Fed) emphasized a tightening policy to bring inflation back down to its 2% target, but prices are still well above this mark. New York Fed President John Williams warned last week about the possibility of early rate cuts, adding that the central bank is on track to lower borrowing costs later this year.

The RBNZ is expected to keep the Official Cash Rate steady at 5.5% on Wednesday, but the possibility of a hike remains as inflation proves difficult to curb. The market is pricing in a 25% odd rate hike since the RBNZ has held the rate since May last year. In recent weeks, the RBNZ policymakers delivered hawkish remarks, which lifted the New Zealand (NZD) against the US Dollar (USD). Chief economist Paul Conway said last month that the central bank still has a way to go to bring inflation back to its 2% target, while Orr stated that it has more work to do to anchor inflation expectations.

Traders will keep an eye on the RBNZ monetary policy meeting on Wednesday. Later in the day, the US Gross Domestic Product Annualized for the fourth quarter (Q4) will be due. Attention will turn to the Personal Consumption Expenditures (PCE) Index on Thursday. These data could give a clear direction to the NZD/USD pair. 

NZD/USD trades slightly below the 0.6200 level. Economists at Société Générale analyze the pair’s technical outlook. 

Defence of 0.6050 crucial to avert deeper drop

• NZD/USD drops sharply from 0.6200 ahead of RBNZ policy.
• RBNZ Orr acknowledged risks connected to policy overtightening.
• Investors await US core PCE inflation data for fresh guidance.

The NZD/USD falls sharply to 0.6167 from the round-level resistance of 0.6200 in Monday’s European session. The Kiwi asset comes under pressure as investors shift focus towards the interest rate decision by the Reserve Bank of New Zealand (RBNZ), which will be announced on Wednesday.

The RBNZ is expected to maintain the Official Cash Rate (OCR) unchanged at 5.50%. Earlier, investors anticipated that the RBNZ could raise its key lending rates again to elevate downward pressures on sticky price pressures.

However, traders pared rate-hike expectations after RBNZ Governor Adrian Orr warned of risks of policy over-tightening. Adrain Orr said last week that the central bank needs to do more work to bring down core inflation but also acknowledged potential economic risks associated with further rate hikes. The NZ inflation is at 4.7%, more than double the required rate of 2%, which dents hopes of RBNZ pivoting to rare cuts, at least for now.

Meanwhile, the market mood remains slightly volatile as various economic data are set to release this week. The January United States core Personal Consumption Expenditure (PCE) inflation, scheduled for Thursday, will provide fresh insights on the interest rate outlook. The US Dollar Index (DXY) remains subdued around 103.80.

On Friday, New York Federal Reserve President John Williams said rate cuts could be announced later this year. William added, "My overall view of the economy hasn't changed based on one month of data." In the commentary from Fed Williams, the one month of data indicates surprisingly stick inflation data in January.

• NZD/USD pulls back from a multi-week high and snaps an eight-day winning streak.
• The ed’s hawkish outlook revives the USD demand and exerts pressure on the pair.
• The downside seems limited ahead of this week’s RBNZ meeting and US macro data.

The NZD/USD pair comes under heavy selling pressure on the first day of a new week and retreats further from a five-week peak, around the 0.6215-0.6220 region touched last Thursday. Spot prices drop to the 0.6165-0.6160 area during the Asian session and for now, seem to have snapped an eight-day winning streak amid a modest US Dollar (USD) strength.

The late January FOMC meeting minutes, along with the recent hawkish remarks by influential Federal Reserve (Fed) officials, suggested that the US central bank is in no hurry to cut interest rates amid sticky inflation and a resilient US economy. The Fed's higher-for-longer narrative remains supportive of elevated US Treasury bond yields and assists the USD to hold comfortably above a multi-week low, which, in turn, is seen exerting pressure on the NZD/USD pair.

Meanwhile, the risk of a further escalation of tensions between China and Taiwan, along with geopolitical tensions stemming from conflicts in the Middle East and the prolonged Russia-Ukraine war, keeps a lid on the recent optimism. This contributes to driving flows away from the risk-sensitive Kiwi, though the downside for the NZD/USD pair seems cushioned ahead of the Reserve Bank of New Zealand's (RBNZ) monetary policy meeting on Wednesday.

Apart from this, investors this week will also confront the release of important US macro data, including the Prelim Q4 GDP and the Core PCE Price Index. This might influence the Fed's future policy decisions, which, in turn, will drive the USD and provide some meaningful impetus to the NZD/USD pair. Moving ahead, traders on Monday will take cues from the US New Home Sales data to grab short-term opportunities later during the North American session.

• NZD/USD resumes upside journey as US Dollar falls on backfoot.
• Fed policymakers need more conviction that inflation will decline to their desired target of 2%.
• The RBNZ is expected to keep its OCR unchanged at 5.50%.

The NZD/USD pair delivers a solid recovery from the round-level resistance of 0.6200 in the late European session on Friday. The Kiwi asset strengthens as the US Dollar has come under pressure despite the Federal Reserve (Fed) preferring to delay rate cuts. Fed policymakers are worried that premature rate cuts could flare up inflation again.

S&P500 futures trade slightly positive ahead of the US opening, indicating upbeat market sentiment. The US Dollar Index (DXY), which measures the value of the Greenback against six rival currencies, extends corrects to 103.77. 10-year US Treasury yields have dropped sharply to 4.30%.

On Thursday, Fed policymakers said they need more confidence that inflation will converge to 2% before considering rate cuts. Fed Governor Christopher Waller said there is no need to hurry for rate cuts. The risks of reducing interest rates too soon are higher than delaying them. Fed policymakers are uncertain about inflation declining to the 2% target after the release of the surprisingly stubborn Consumer Price Index (CPI) data for January.

Meanwhile, the New Zealand Dollar will be guided by market expectations of the monetary policy announcement by the Reserve Bank of New Zealand (RBNZ) scheduled for next week. The RBNZ is expected to keep its Official Cash Rate (OCR) unchanged at 5.50%.

While high price pressures are leaving no room for RBNZ policymakers to reduce key lending rates, domestic economic indicators demand liquidity stimulus. The Q4 Retail Sales data, released this week, contracted sharply by 1.9% against a 0.8% decline in the third quarter of 2023.

NZD/USD has ebbed and flowed with market expectations for policy. Economists at ING analyze Kiwi’s outlook.

RBNZ to soften hawkish stance

See: NZD/USD to push higher to 0.6500 on a 12-month view – Rabobank

• NZD/USD struggles to extend its winning streak amid a bullish momentum on Friday.
• The immediate resistance region appears around February’s high at 0.6219 and the 50.0% retracement level of 0.6223.
• The pair could find the key support region around the seven-day EMA at 0.6167 and the major level of 0.6150.

NZD/USD grapples to extend its winning streak that began on February 14 amid a stable US Dollar. The NZD/USD pair struggles around the psychological level of 0.6200 during the Asian trading hours on Friday.

If the NZD/USD pair surpasses the psychological threshold of 0.6200, it could receive upward support to potentially lead the pair to explore region around the February’s high at 0.6219 and the 50.0% retracement level of 0.6223. A break above this region could exert support for the pair to approach the major resistance of 0.6250 level.

The technical analysis suggests a bullish momentum for the NZD/USD pair. The Moving Average Convergence Divergence (MACD) line is positioned above the centerline, showing divergence above the signal line. Additionally, the 14-day Relative Strength Index (RSI), a lagging indicator, is above the 50 level, suggesting a confirmation of the bullish sentiment.

On the downside, immediate support for the NZD/USD pair is anticipated at the seven-day Exponential Moving Average (EMA) at 0.6167 followed by the major support of 0.6150. A breach below this level could exert downward pressure on the pair, potentially testing the weekly low of 0.6122 to approach the psychological support level of 0.6100.

NZD/USD: Daily Chart

• NZD/USD attracts some sellers near 0.6194 despite the decline of USD. 
• New Zealand Retail Sales arrived at -1.9% QoQ in Q4 vs. -0.8% prior. 
• The US Manufacturing PMI showed the highest reading in 16 months; Initial Jobless Claims came in stronger than expected.

The NZD/USD pair snaps the seven-day winning streak below the 0.6200 mark during the early Asian session on Friday. The downtick of the pair is supported by the decline in New Zealand Retail Sales for the fourth quarter (Q4) despite the correction of Greenback. The pair currently trades around 0.6194, down 0.09% on the day. 

The latest data from Statistics New Zealand on Friday showed that the nation’s Retail Sales fell 1.9% QoQ in Q4 from the previous reading of a 0.8% decline, an eighth consecutive month of declining retail volumes. Meanwhile, the Retail Sales ex Autos for Q4 came in at -1.7% QoQ versus 0.4% prior. 

The Reserve Bank of New Zealand (RBNZ) will announce its interest rate decision next week, with no change in rate expected. Investors will take more cues from the RBNZ tone. If they maintain a hawkish bias, this could provide some support to the New Zealand Dollar (NZD) and act as a tailwind for the NZD/USD pair. 

On the other hand, the US S&P Composite Purchasing Managers Index (PMI) for February eased to 51.4 from 52.0 in the previous reading. The Manufacturing PMI rose to 51.5 in February from 50.7 in January, better than the market expectation of 50.5. This figure registered the highest reading in 16 months. Finally, the Services PMI eased to 51.3 in February from 52.5 in January, below the market consensus. 

Additionally, the US Initial Jobless Claims came in stronger than expected. The report indicated that the US labor market remains robust, and this could lend some support to the Fed’s tighter-for-longer narrative. 

Looking ahead, the Chinese House Price Index is due on Friday. The Federal Reserve's (Fed) Christopher J. Waller is set to speak later in the day. Next week. the attention will shift to the RBNZ interest rate decision. 

• The NZD/USD trades positively at 0.6193 with a 0.20% gain in Thursday's session.
• The US S&P Global PMIs from February came in mixed.
• Weekly Initial Jobless Claims from the US came in positive.
• If markets continue to bet on a more aggressive Fed the pair’s upside could be limited.

In Thursday's trading, the NZD/USD pair has exhibited minor advancements, currently trading at the level of 0.6193, with a slight increase.

On the data front, the US S&P Global Composite PMI declined to 51.4 in February's flash estimate from 52 in January, showing that the business activity in the US private sector continued to expand, albeit at a softer pace than in January. The Manufacturing PMI improved to 51.5 from 50.7 in the same period, while the S&P Global Services PMI edged lower to 51.3 from 52.5. In addition, Initial Jobless Claims from the week ending in February 16, came in lower than expected, further echoing the resilience of the US economy.

Despite the losses, the Greenback’s losses may be limited as incoming data may reaffirm the Federal Reserve’s stance to hold rates steady and delay the start of the easing cycle  the economy doesn't show signs of cooling down. As for now, markets have practically given up on the odds of a cut in March and bet on low possibilities of the easing to start in May and instead, they push the first cut to June.

NZD/USD technical analysis

The daily Relative Strength Index (RSI) currently occupies a position within the positive territory, having gradually ascended from the negative area over consecutive trading sessions. A steadily increasing RSI implies that we may be experiencing a strengthening buyer dominance within the market.

Furthermore, the Moving Average Convergence Divergence (MACD) histogram is signaling bullish momentum from a series of rising green bars. Taken together, these metrics suggest an increased buying pressure for the NZD/USD pair over current trading.

NZD/USD daily chart

• NZD/USD jumps higher above 0.6200 amid the higher risk appetite of investors.
• The US Dollar is under pressure despite favorable FOMC minutes.
• NZD/USD rallies after a Double Bottom formation.

The NZD/USD pair has climbed above the round-level resistance of 0.6200 in Thursday’s European session. The Kiwi asset has extended its winning spell to the seventh trading session as the US Dollar is facing stiff pressure amid an improvement in the appeal of risk-sensitive assets.

This week, the People’s Bank of China (PBoC) cut the five-year loan prime rate (LPR) by 25 basis points (bps) to boost domestic growth and counter real estate challenges. The New Zealand economy is one of China's leading trading partners. The Kiwi strengthens being a proxy to China’s economic outlook.

The US Dollar failed to find a firm cushion despite the Federal Open Market Committee (FOMC) minutes for the January policy meeting reflecting policymakers’ priority to maintain higher interest rates. Federal Reserve (Fed) policymakers are not interested in reducing interest rates until incoming data convince them that inflation will return sustainably to the 2% target.

Going forward, investors will focus on the United States preliminary S&P Global PMI data for February, which will be published at 14:45 GMT and New Zealand’s Q4 Retail Sales data on Friday.

NZD/USD delivers a strong rally after a Double Bottom formation near 0.6050 on a four-hour timeframe. A Double bottom formation indicates a value-buying spot, which establishes a bullish reversal. The asset is approaching the horizontal resistance plotted from January 4 high at 0.6286.

The 20-period Exponential Moving Average (EMA) around 0.6172 continues to provide support to the New Zealand Dollar bulls.

Additionally, the 14-period Relative Strength Index (RSI) shifts into the bullish range of 60.00-80.00, indicating that an active bullish momentum.

Considering a sharp rally in the pair, the risk-reward for fresh buying is not favorable. Therefore, a gradual correction to the 20-EMA near 0.6172 could be an ideal buying situation for investors. After a dip buying, market participants should hold position for the targets of round-level resistance at 0.6200 and January 11 high at 0.6260.

In an alternate scenario, a downside move below February 20 low near 0.6129 would expose the asset to the round-level support of 0.6100, followed by February 13 low near 0.6050.

NZD/USD four-hour chart