Subsequent to the decision of the RBNZ to implement an interest cut rate of 0.25%, the New Zealand's currency increased on its one-month high. Upon arriving at its highest level, the NZD/USD have regressed towards a downward state. The mark price directed from 0.7335 to 0.7225. The resistance stands at 0.7250, the support can be seen at the level of 0.7150.
As shown in the histogram, MACD sloped move towards a lower point and the pair signalled a seller's strength. Furthermore, the fluctuated in the overbought position.
The price of the pair is heading to 50-EMA as indicated in the 1 hour chart . The 50, 100 and 200 EMAs ascended to the top.
Analysts viewed the pair to be bearish and remained to be under-pressure. Trader's stop is situated at the 0.7150 region.