FxWirePro: NZD/USD neutral in the near-term, scope for downward resumption

• NZD/USD held  around 0.6210   level on Friday as investors assed the prospect of a significant interest rate cut by RBNZ next week.

• Investors anticipate that the Reserve Bank of New Zealand will reduce the cash rate by 50 basis points due to worries about sluggish economic growth and increasing unemployment.

• Focus was also on the key U.S. nonfarm payrolls report due later on Friday, which would provide further clues on the Federal Reserve's rate outlook.

•  Technically, the moving averages are indicating a downtrend, while the Relative Strength Index (RSI) is bearish at 48.
 
•  Immediate resistance is located at 0.6262(38.2%fib), any close above will push the pair towards 0.6314 (Oct 2nd high).

• Support is seen at 0.6197 (50%fib) and break below could take the pair towards 0.6135(61.8%fib).

 Recommendation: Good to sell around 0.6220 with stop loss of 0.6290 and target price of 0.6150