• NZD/USD bounced on Wednesday after New Zealand's central bank cuts rates by 50bps and signalled further easing to support a weak economy.
• New Zealand's central bank reduced its benchmark rate by 0.5% to 3.75% on Wednesday and signaled more cuts ahead to boost the economy as inflation slows.
• Reserve Bank of New Zealand Governor Adrian Orr said the board now expects a lower terminal rate than in November, with two more 0.25% rate cuts planned for April and May, depending on economic conditions.
• At GMT 05:28, The kiwi dollar was last trading up 0.26% to $0.5700. .
• Immediate resistance is located at 0.5752(50%fib), any close above will push the pair towards 0.5840(61.8%fib).
• Support is seen at 0.5656(38.2%fib) and break below could take the pair towards 0.5592(Lower BB).
Recommendation: Good to sell around 0.5740 with stop loss of 0.5800 and target price of 0.5650
