Ella 
NZD/USD attracted heavy selling after the Reserve Bank of New Zealand announced its policy decision and plunged to more than a week low in the short term. NZD/USD is currently trading around 0.6120 and looks vulnerable to extending its pullback from last week’s more than one-month high.
The Reserve Bank of New Zealand concluded its February policy meeting by deciding to hold the official cash rate (OCR) steady at 5.50% for the fifth consecutive time. This appears to have disappointed some investors who expected further tightening from the Reserve Bank of New Zealand while inflation remains subdued, and has been a key factor in maintaining downward pressure on NZD/USD. Focus will now shift to RBNZ Governor Adrian Orr’s press conference at 10:00 GMT, which will bring some volatility and short-term trading in NZD/USD Chance.
Meanwhile, bulls appear to be unfazed by subdued price action in the U.S. dollar (USD), which continues to try to gain any meaningful traction amid the risk of a U.S. government shutdown. In addition to this, Tuesday’s report of weak US durable goods orders and lower US Treasury yields also put USD bulls on the defensive, although this did not provide support for NZD/USD. This, in turn, suggests there is minimal resistance to the downside for NZD/USD and validates the near-term bearish outlook.
