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FxWirePro: NZD/USD edged lower ahead of expected RBNZ rate cut

•  NZD/USD edged lower on Tuesday as the kiwi stayed under pressure amid expectations that the Reserve Bank will deliver a rate cut this week..

• Reserve Bank’s Monetary Policy Committee is set to lower the Official Cash Rate by 25 basis points to 2.25% on Wednesday in Wellington. Two economists anticipate a larger cut to 2%, while one projects no change.

• November’s Monetary Policy Statement will be the final one of the year   and the last under acting Governor Christian Hawkesby before Anna Breman assumes the role in December.

 •  Immediate resistance is located at 0.5639(Nov 20th high), any close above will push the pair towards 0.5659(38.2%fib).

•  Support is seen at 0.5582(23.6%fib) and break below could take the pair towards 0.5564(Lower BB).

 Recommendation: Good to sell around 0.5620, with stop loss of 0.5770 and target price of 0.5550

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