NZDUSD trades higher for the third consecutive day amid USD weakness across the board after the Federal Reserve cut the interest rates by 50 basis points. On the other hand, the New Zealand ANZ Commodity Price came in at -2.1%, below the forecasts of -0.8% in February eliminates the pair’s upside.
NZDUSD is under selling pressure after December 2019 as investors increased bets of an interest rate cut by the Central Bank in the first quarter of 2020.
On the technical side, the pair today is 0.22% higher at 0.6289. Despite the rebound the last three trading sessions the technical outlook is still bearish for NZDUSD, and lower levels can’t be ruled out.
The first resistance for the NZDUSD pair stands at 0.6297 the daily top. In case the buyers break above, the next target would be at 0.6324 the high from yesterday’s trading session. The next supply zone is at 0.6360 the high from February 25th.
On the other side, initial support will be met at 0.6264 the daily low. A break below might test 0.6246 the low from yesterday’s trading session. More bids might emerge at 0.6198 the low from March 2.