FxWirePro: NZD/USD edges higher after RBNZ delivers expected rate cut

• NZD/USD edged slightly higher on Wednesday as kiwi dollar weakened after RBNZ cut interest rates as expected, but signaled it may be nearing the end of its easing cycle disappointing some market participants.

• New Zealand’s central bank cut its benchmark rate by 25 bps to 3.25% on Wednesday and signaled a slightly deeper easing cycle than projected earlier, citing growing risks from shifting U.S. trade policies.

• The central bank has cut rates by 225 bps since August, with easing inflation giving it room to lower borrowing costs amid renewed global risks from Trump’s trade war.

•The central bank has lowered rates by 225 bps since August, as softening inflation allows more room to ease amid rising global risks from Trump’s trade war.

• At GMT 05:10, the New Zealand dollar was up 0.02% to 0.5947 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 0.5930 with stop loss of 0.5860 and target price of 0.6080