• NZD/USD declined on Tuesday as market awaited the Reserve Bank of New Zealand's (RBNZ) upcoming rate decision.
• The Reserve Bank of New Zealand is widely expected to slash its rates by 50 basis points to 3.75% on Wednesday.
• The RBNZ implemented its third consecutive rate cut in November, opting for a large 50bps reduction after a similar move in October.
• At GMT 06:25, The kiwi dollar was last trading up 0.48% to $0.5706. .
• Immediate resistance is located at 0.5748(50%fib), any close above will push the pair towards 0.5809(61.8%fib).
• Support is seen at 0.5690(38.2%fib) and break below could take the pair towards 0.5615(23.6%fib).
Recommendation: Good to sell around 0.5720 with stop loss of 0.5780 and target price of 0.5650
