NZD/USD: Rejected at hourly 200-MA

By FXStreet FXStreet (Mumbai) – The recovery in the NZD/USD came to a halt at its hourly 200-MA and the pair is now moving back towards its daily lows.

RBNZ rate cut weighs

The Kiwi remains pressurized by the 25 basis point interest rate cut announced by the Reserve Bank of New Zealand (RBNZ). The central bank also hinted at more rate cuts in the future and said the Kiwi is too high.

The spot dropped to a low of 0.6256 earlier today, but the buying interest returned in Europe, taking the pair back to its hourly 200-MA then located at 0.6338. However, the recovery stalled and the pair now back to trade around 0.6270, pointing southwards.

NZD/USD Technicals

The immediate support is located at the daily low of 0.6256, under which the losses could be extended to 0.6200 levels. On the other side, resistance is seen at 0.6308 (hourly 100-MA) and 0.6333 (hourly 200-MA).
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Source:: FX Street