The NZD/USD pair got offered at 0.7010 earlier today, after which it fell into losses to trade at 0.6987 ahead of the European session.
Investors await FOMC statement
The Kiwi appears the most vulnerable currency as we head into the FOMC statement tomorrow. The RBNZ surprise rate cut last week increased the possibility of a further sell-off in the NZD/USD pair in case the Fed begins telegraphing a 2015 interest rate hike tomorrow.
Consequently, the pair has been repeatedly offered above 0.70 levels since last three trading sessions. The pair currently trades below its 5-DMA located at 0.6993.
NZD/USD Technical Levels
The pair has an immediate support at 0.6982, under which the pair could target 0.6941. On the flip side, a break above 0.7010 could push the pair higher to 0.7079 (May. 29 low).
