NZDUSD: Trend is still bullish on intraday chart

Hi Traders!
From a technical point of view, the pair could trigger yet another bullish leg in the short term. With this in mind, the trend remains bullish above the previous low and sooner or later, a new top will be triggered.

Trade with care
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🔴 The New Zealand dollar steadied around $0.616 after facing heightened volatility amid stronger-than-anticipated US inflation data which further clouded the outlook for when the Federal Reserve will start cutting interest rates. Still, the currency remains supported by expectations that the Fed will start easing policy earlier than other major central banks. Domestically, Reserve Bank of New Zealand Chief Economist Paul Conway said last week that the kiwi could strengthen if the US Fed started cutting rates toward the end of the year while domestic rates remained elevated. However, he argued that such a scenario would bring down inflationary pressures and could force the RBNZ to ease monetary settings sooner than anticipated. The RBNZ kept the cash rate unchanged for the fifth straight meeting at 5.5% during its February policy meeting and lowered its forecast for a peak in rates to 5.6% from 5.7%.

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📊 Until the pair can break through this cluster of resistance, a bearish leg should be logical:

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