Unexpected RBNZ rate cut weighed heavily on the Kiwi, sell-off pushed NZD/USD to fresh one week lows at 0.6619.
- The pair has since recovered some losses and is currently at 0.6632, just holding above 200-DMA at 0.6628.
- Trendline support for the pair lies at 0.6620, decisive break below could drag the pair to 0.6565 levels.
- Our previous call (http://www.econotimes.com/FxWirePro-NZD-USD-edges-lower-from-session-highs-at-06750-good-to-sell-rallies-175182) has hit targets 1 and 2.
- We see no respite from bears for now, downside likely to extend.
Recommendation: Book partial profits, lower stops to 0.6680, target 0.66/0.6585/0.6565
