• NZD/USD declined on Wednesday after Reserve Bank of New Zealand cut its cash rate by half a percent.
• New Zealand's central bank slashed the cash rate by 50 basis points to 4.75% on Wednesday and said it assesses that annual consumer price inflation is within its 1% to 3% inflation target range.
• The decision was in line with market pricing and most economists' expectations, with 17 of 28 economists in a poll having forecast the (RBNZ) to cut the benchmark rate by half a percentage point.
• At GMT 01:23 ,the kiwi dollar was down 0.40% at 0.6106, lowest level since 20yh August .
• Immediate resistance is located at 0.6138(50%fib), any close above will push the pair towards 0.6185(61.8%fib).
• Support is seen at 0.6093(23.6%fib) and break below could take the pair towards 0.6049 (lower BB).
Recommendation: Good to sell around 0.6110 with stop loss of 0.6250 and target price of 0.6000
