The New Zealand dollar treads water ahead of the Fed’s policy meeting. The pair hit resistance right under August’s high of 0.6460. Profit-taking from short-term buyers compounds selling from those who believe in a bear market in the medium-term in this area of confluence. The bearish RSI divergence was already a giveaway of a slowdown in the rally. 0.6250 near the previous highs is the first level to assess buying interest. 0.6160 is the bulls’ second layer of defence in case of a deeper correction.
Editor: Callie
Proofreading：AUREL