NZD/USD is trading mildly lower after emergency rate cut by both Fed and RBNZ. The pair remains in near term fall from 0.6755. Next near term target will be 100% projection of 0.6755 to 0.6191 from 0.6447 at 0.5883.
The level is close to a long term projection level too. That is, 61.8% projection of 0.8835 to 0.6102 from 0.7557 at 0.5868. Hence, we’d expect some support from 0.5868/83 to contain downside and bring rebound, at least on initial attempt. But, outlook will stay bearish as long as 0.6447 resistance holds, in any case.
