FxWirePro: NZD/USD downside pressure builds, key support level in focus

• NZD/USD edged lower on Tuesday    as investors focus turned   as Reserve Bank of New Zealand's rate decision.

• The RBNZ will meet on Wednesday, and a poll shows that 60% of economists anticipate a half-point cut to the current cash rate of 5.25%.

• Investors expect the Reserve Bank of New Zealand to lower the cash rate amid concerns over sluggish economic growth and rising unemployment.

• At GMT 05:14 ,the kiwi dollar was down 0.10% at  0.6120, earlier it hit daily high at 0.6145  .
 
•  Immediate resistance is located at 0.6157(38.2%fib), any close above will push the pair towards 0.6191(50%fib).

• Support is seen at 0.6108 (23.6%fib) and break below could take the pair towards 0.6085 (lower BB).

 Recommendation: Good to sell around 0.6130 with stop loss of 0.6250 and target price of 0.6070