• 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
