NZD/USD Price Analysis: Bears look for a downside daily extension below 0.6920

• NZD/USD charts are in focus for the RBNZ event today.
• NZD/USD bulls look to break hourly resistance while bears look to 0.6920 for a daily bear extension. 

NZD/USD is in focus for the top of the hour when the Reserve Bank of New Zealand will be releasing its monetary review before the press conference.

The event could raise some price action in the coming hours and the following illustrates the current market structure from an hourly and daily perspective. 

NZD/USD hourly chart

The price of the kiwi is sat between hourly support at 0.6950 and resistance 0.6970/90 ahead of the RBNZ with bulls creating a W-formation from which the consensus could well be on the downside in due course.

However, daily support is also a focus for the event given the recent rejection from the daily-M-formation's neckline as follows:

This makes 0.6920 a critical level on the downside for the forthcoming event.