NZD/USD tumbles after the RBNZ hold – A look at the new Governor Anna Breman

Ben Graham · February 18

As 2030 is now much closer than 2020, we are officially entering a new era for Central Banks, and there's a wave of fresh Governors and Presidents taking the lead.

Between the Federal Reserve expecting to leave space for the arrival of Kevin Warsh at its head (and he means a lot of change), ECB's Lagarde potentially stepping down before the end of her 2027 term, and CBDCs (Central Bank Cryptos) expected to enter the scene, there will be quite a lot changing for Central Banking in the coming times.

And the Royal Bank of New Zealand actually took the lead, with Anna Breman replacing former Governor Hawkesby at the head of the Kiwi Central Bank.

She delivered her debut during yesterday's Press Conference, with the RBNZ holding rates at 2.25%.

The speech itself wasn't anything revolutionary – the new Governor took a balanced approach to the outlook, with housing and labor both stabilizing after years of struggle. However, inflation is still looking a bit shaky as it starts to tilt in the right direction.

Anna Breman struck a cautious, relatively dovish tone in her debut, prioritizing a steady recovery over aggressive tightening. She slightly front-loaded the timing for future hikes (now priced for one towards this year-end).

Breman emphasized that the economy remains fragile, effectively balancing stabilizing data with a commitment to maintaining accommodative conditions as the NZ economy still recovers from an awkward period.

Since, the Kiwi Dollar has plunged at the lows of the FX board as Participants estimated that the new Governor sounded a bit more dovish than expected – Front-end rates corrected slightly after the meeting.

You can access the entire RBNZ statement right here.

Let's dive right into a multi-timeframe analysis of NZD/USD to spot if recent moves provide opportunity for action.

Discover:

NZD/USD Multi-Timeframe Technical Analysis

Daily Chart

NZD/USD tumbles after the RBNZ hold – A look at the new Governor Anna Breman - ExpertFX School — NZD/USD Daily Chart – Source: TradingView. February 18, 2026

The Kiwi Dollar is plunging after a stellar end-2025 rise, when rebounding labor and inflation data left space for the pricing of more immediate change to the policy – which got pushed back in today's RBNZ announcement.

NZD/USD is now down about 1% on the session.

Looking out the big picture, NZD bulls were not able to catch up to the July 2025 peak and leaves a bleak outlook to the pair: A high-timeframe double top looks to be forming.

While it doesn't point to a return towards Liberation Day lows, it is difficult to strike any bullish outlook from the current price action. This comes at a time where the US Dollar could form a rebound on its own.

Let's take a closer look to spot levels of interest for the ongoing correction.

4H Chart and Technical Levels

Looking closer, another double top has formed in this early 2026 action, pointing to lower action ahead. Now trading below its 0.60 Pivot Area, bears are now in control.

Failing to correct back above the Psychological on the daily adds further chances to retest February lows (0.59285).
A more aggressive move lower could test the 4H 200-MA which caught up after the large rally in the pair (0.59150).
- Any pullback to the 4H 50-period MA (0.60360) could show a decent setup for bear entries.

Trading Levels for NZD/USD:

Resistance Levels

September 2025 Pivot area 0.60 to 0.60150
4H 50-MA 0.60360
July 2025 Resistance 0.6060 to 0.6070
2025 High Resistance 0.6120

Support Levels

0.5930 to 0.5950 (+/- 70 pips) February Lows
0.59130 4H 200-MA
0.59 (+/- 50 pips) Mini-Support
0.5850 December High Support
Main 2025 Support 0.5720 to 0.5750

1H Chart

With oversold RSI conditions on the 1H Timeframe, traders can expect to see a short-term rebound towards the intraday 0.60150 - 0.60180 Resistance zone which could provide interesting entries.

For bearish confirmation, look for a session close below the 0.60 psychological level.

Any break back above 0.60510 would put Bulls back in control

Safe Trades!

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