FXStreet (Guatemala) - NZD/USD is back on the bid in a drift from the 100 SMA on the 1hr chart that held as a support on the downside drift to below the 0.67 handle. The bird is trading in a narrow range on a nervous week around the implications of the FOMC meeting. At the same time, the market is fixated and concerned on the levels of oil is reaching on further selling down to fresh lows of 34.51 today. The FOMC, however, doesn't seem so much about the decision itself this week, but more about what "gradual" means? " "The pace of rate increases is expected to be gradual and dependent on the evolution of economic activity. In September, gradual was operationally defined by the dot-plots as 25 bp per quarter (every other meeting) in 2016 and 2017. The market will be looking at the new forecasts to see if this is still the Fed's thinking. A few investments houses and the rating agency Fitch have also forecast four hikes next year," explained analysts at Brown Brothers Harriman. NZD/USD levels Technically, the bird is running into resistance here having pulled away from the hourly cluster of MA's gathered between the 200 SMA at 0.6685 and 0.6781, today's high so far. R3 is located at 0.6783 while the 200 DMA is positioned at 0.6880 as a key target on the recovery from 0.6220 lows. For more information, read our latest forex news.