• NZD/USD declined on Tuesday as the Kiwi dollar came under pressure due to expectations that the Reserve Bank of New Zealand will continue its aggressive policy easing approach.
• Looking ahead, investors are closely watching the crucial U.S. CPI data set for release on Wednesday, with expectations that it will bolster speculation of a rate cut by the Federal Reserve at its upcoming meeting later this month.
• The NZD/USD slipped 0.52% to $0.5836, after advancing 0.57% in the previous session.
• Immediate resistance is located at 0.5901(38.2%fib), any close above will push the pair towards 0.5962(50%fib).
• Support is seen at 0.5822(23.6%fib) and break below could take the pair towards 0.5791(Lower BB).
Recommendation: Good to sell around 0.5840, with stop loss of 0.5900 and target price of 0.5730
