• 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
