NZD/USD is currently on the bid in early Asia and taking on the 0.66 handle. The high so far has been 0.6614, in a recovery from 0.6587. The major move came on the back of last week's RBNZ outcome with a surprise cut. This was a short-lived but major sell-off that is now consolidated and reversing, but only partially and lacks conviction ahead of the FOMC as markets hold tight for the main event of the week. Meanwhile, there is nothing to note on the calendar for today, although we did have the GDT price index overnight. GDT price index -2.9% vs 1.4% was not very helpful in the case of the bird. NZ's current account Q/Q for (Q4) was $-2.614 vs $-4.75b expected and the GDP ratio -3.1% vs -3.3% prior and a plus for the kiwi. NZD/USD levels NZD/USD is in a technically bearish situation after breaking the 100/200 dma converging on the 0.66 handle and below the 200 sma on the 4hr sticks at 0.6654. However, the bulls are committing at the 50 dma at 0.6600. Should recovery attempts meet supply, then the downside could easily meet the 28th Feb low of the bearish opening gap at 0.6567 ahead of 16th Feb 0.6545 low. For more information, read our latest forex news.