NZD/USD Stuck Beneath Resistance as RBNZ Decision Looms

The New Zealand Dollar (NZD) has been trading sideways against the US Dollar (USD), stuck beneath the 0.6000 level that it failed to break in late August. The pair's recent price action suggests a bearish bias, with four consecutive lower highs forming ahead of this week's Reserve Bank of New Zealand (RBNZ) interest rate decision.

The RBNZ is expected to hike rates by 25 basis points to 2.75%, but the market has largely priced in this move already, leaving little room for surprise. The real focus will be on the bank's tone and whether it signals further tightening ahead.

In the meantime, the NZD/USD pair continues to be influenced by broader US monetary policy, with the Federal Reserve's hawkish stance weighing on the currency.