The NZDUSD moved lower after the RBNZ surprised with a 50 basis point rate cut, opting for the larger move after markets were split between expectations of 25 or 50. The initial reaction drove the pair to its lowest level since April 11, breaking beneath last month’s low at 0.5753. However, sellers were unable to force a deeper extension, with the decline stalling inside a key swing area between 0.57397 and 0.5772. Importantly, the move also held above the 61.8% retracement of the 2025 trading range at 0.57272, leaving that as an untested support target for now.Since then, the pair has bounced, recovering back above the top of the swing area at 0.5772. For buyers to build real momentum, however, they still need to break—and hold—above the 50% midpoint of the year’s range at 0.5802. Staying below that level keeps the broader technical bias tilted in favor of the sellers.At this stage, the NZDUSD is carving out a new defined range, with clear levels for traders to lean against. On the downside, support sits at 0.57397–0.5727, while resistance is found at 0.5802. A sustained push above resistance would frustrate sellers and shift the bias higher, while holding below keeps the focus on downside targets. This article was written by Greg Michalowski at investinglive.com.