Strategists at Westpac have emphasized the relevance of the key 0.6550 area for the Kiwi dollar. Key Quotes “NZD/USD remains confined to a 0.6550-0.6800 multi-week range. However, the risk of a downside break has grown during the past week, with the RBNZ's resumption of its easing cycle, the ECB's additional stimulus, and still subdued dairy prices (the latest GDT auction disappointed expectations of a moderate rise)”. “The next big event for NZD/USD will be the FOMC this week, a hawkish shift in tone one potential catalyst for a downside break. Should 0.6550 give way, we will then target 0.6400”. For more information, read our latest forex news.