By ForexMansion.com

The New Zealand dollar has been sitting at the lower support level of the massive consolidation box that has dominated the last several months. The 0.7350 level is very important because of the strength it has shown in the past. It appears that traders are simply waiting for the interest rate decision that is coming on Wednesday. This pair shouldn’t move much until then.

The statement will be vital to the future direction as a rate cut is expected, but the wording of future moves will determine if we stay in the consolidation between 0.7350 and 0.78, or we break down lower, possibly to 0.70 and below.