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FxWirePro: NZD/USD pauses downtrend and consolidates

• NZD/USD edged higher on Monday  but gains were limited as investors focus turned   as Reserve Bank of New Zealand's rate decision.

•The RBNZ meets on Wednesday.  60% of economists in a poll expect a half-point cut to the 5.25% cash rate.

• Investors anticipate that the Reserve Bank of New Zealand will reduce the cash due to worries about sluggish economic growth and increasing unemployment.

• At GMT 03:00 ,the kiwi dollar was up 0.13% at $0.6116 after hitting its lowest since 16th September  on Friday.
 
•  Immediate resistance is located at 0.6202(38.2%fib), any close above will push the pair towards 0.6233(Oct 4th high).

• Support is seen at 0.6152 (50%fib) and break below could take the pair towards 0.6105(61.8%fib).

 Recommendation: Good to sell around 0.6130 with stop loss of 0.6050 and target price of 0.6200

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