The decision of the Reserve Bank of New Zealand today had a strong impact on the New Zealand currency and the New Zealand dollar pair fell more than expected after a more pessimistic meeting on the New Zealand currency earlier today, as the Reserve Bank of New Zealand left the interest rate at 5.50% unchanged as expected, and you can follow the bank's meeting from here.

The New Zealander may find it difficult to rise now, especially since other major central banks are not sending such pessimistic messages, especially the Reserve Bank of Australia, which could raise interest rates, while the Fed maintains the narrative that there is no need to rush to cut interest rates yet, as the Fed still hopes that inflation will fall further and they will not move unless the economy starts to signal a recession.

Therefore, the New Zealander is facing strong headwinds with the US dollar and the Australian dollar in particular.

Technically: the New Zealand dollar pair is trying to complete the bat harmonic pattern on the daily frame near the levels of 1.5900 and around near the demand levels and also the uptrend centered in these areas, and before it the levels of 1.6000 as the first target. We expect that it will open the way for further pullbacks, especially if we close the lows of 1.6045 at least. This scenario fails if the 1.6060 levels are breached.