NZD/USD Analysis: Decline after rate cuts
Our preference: the downside prevails as long as 0.6599 is resistance.
Alternative scenario: the upside breakout of 0.6599, would call for 0.6620 and 0.6632
During the past 24 hours, the New Zealand Dollar has depreciated about 103 base points against the US Dollar.
The decline was attributed to the New Zealand Central Bank.The Central Bank of New Zealand cut its interest rate for the first time in two-and-a-half years on Wednesday, sending the New Zeeland Dollar to a six-month low against its US counterpart. However, the Kiwi recovered some of its lost points at the end of the European trading session.By and large, it is likely that the pair will aim for a resistance level set by the 200-hour SMA at 0.6635 today.