• NZD/USD declined on Tuesday as dovish Reserve Bank of New Zealand outlook and stronger US dollar weighed on Kiwi dollar
• US dollar surged after President-elect Donald Trump said he would sign an executive order that would impose tariffs on products coming into the United States from Mexico, Canada and China..
• On the policy front, Reserve Bank of New Zealand is widely expected to cut rates by 50 basis points to 4.25% on Wednesday, with markets pricing the risk of more due toa sluggish economy, rising unemployment and waning inflation.
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• At (GMT 05:00) Kiwi dollar was trading down at 0.07% at $0.5841 against the U.S. dollar.
• Immediate resistance is located at 0.5871(38.2%fib), any close above will push the pair towards 0.5928(50%fib).
• Support is seen at 0.5796(23.6%fib) and break below could take the pair towards 0.5774 (LowerBB).
Recommendation: Good to sell around 0.5850, with stop loss of 0.5980 and target price of 0.5750
