NZD/USD could extend its decline and test the 0.68 support level. However, economists at Westpac expect the kiwi to enjoy a substantial rise towards the 0.72 region by June.

Tomorrow’s RBNZ will be a close call between a 25bp and 50bp hike, causing a market reaction either way

“NZD/USD remains in corrective mode, with the next technical support level at around 0.6800.”

“The RBNZ on 13 April will be a close call between a 25bp and 50bp hike (Westpac expects 25bp) and will likely cause a market reaction either way.”

“Longer term, fundamentals should remain NZD-supportive, and we see potential for 0.7200 by June.”

“Overall, the NZD has performed well during the past month, as markets take heed of the commodity price trend, which will probably be an enduring source of support for the NZD this year.”

See – RBNZ Preview: Forecasts from six major banks, surprising with a double shot hike?