• NZD/USD consolidates, awaiting the next impetus. 
• Bears eye a break of critical daily support.

The RBNZ’s Q2 Survey of Expectation is coming up today and the pressure is on from a technical standpoint. NZD/USD has been pressured in a weekly decline with eyes on a move to test the 0.6170s as the following illustrates:

NZD/USD weekly chart

The price is mitigating the price imbalance between June 2020 and April 2020 with some 100 pips to go until the move is complete. 

NZD/USD daily chart

The price has already corrected a 38.2% Fibonacci retracement on the spike from yesterday's trade, but there could be some more to come in that regard before further moves to the downside. 

NZD/USD H1 chart

The price is consolidating on the hourly chart and traders will await for an impetus if there is not a technical break one way or the other.