NZD/USD is staying in tight range above 0.6123 temporary low, looking forward to RBNZ rate hike later in the week. There is prospect of a rebound from medium term projection level at 0.6098 (100% projection of 0.7463 to 0.6528 from 0.7033). But break of 0.6251 minor resistance is needed to be the first sign of bottoming, while firm break of 0.6395 resistance is needed to confirm. However, sustained break of 0.6098 would risk more downside acceleration to 161.% projection at 0.5520, which is close to 0.5467 (2020 low).
