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FxWirePro: NZD/USD eases ahead of RBNZ policy decision

• NZD/USD slipped  lower on Tuesday as investors cautiously awaited the RBNZ policy decision scheduled for Wednesday.

• The Reserve Bank of New Zealand is widely expected to cut its official cash rate by 25 basis points to 3.25% on Wednesday.

• Market will also pay close attention to the central bank’s revised economic forecasts for indications of how global trade tensions could influence growth.

• At GMT 05:53, the New Zealand dollar was down 0.34% to 0.5980 against the   dollar.

•  Immediate resistance is located at 0.6047(38.2%fib), any close above will push the pair towards 0.6130(23.6%fib).

•  Support is seen at 0.5969(38.2%fib) and break below could take the pair towards 0.5891(50%fib).

 Recommendation: Good to buy around 0.5970 with stop loss of 0.5920 and target price of 0.6080

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