NZD/USD whipsaws after FOMC rate decision and press conference

• NZD/USD hit a level not seen since 27th January 2020 after the initial USD weakness following the FOMC rate decision.
• The pair then fell back and found support at the 55 Exponential Moving Average.

NZD/USD 30-min chart

After hitting a session high of 0.65851 NZD/USD moved back almost immediately and fell back within its daily range. It does not seem like the bullish move is over just yet as the pair found support at the 55 Exponential Moving Average and has once more bounced.

On the higher timeframes, the pair is pretty overextended but it seems from day to day the bulls remain in control. The resistance to look out for on the session remains 0.65800. On the downside, there are many support zones and 0.65317 looks to be one of the strongest on the intraday charts. Beyond that, there is another support level at 0.6466 and this is the lowest level in the current consolidation. 

The chart pattern at the moment is an ascending triangle and the red trendline can also provide support. The green line has also been a support and resistance zone in the past. For now, the uptrend is continuing and if the black resistance line at the top of the chart breaks then its game on for the bulls. 

Additional levels