NZD/USD fell notably after RBNZ’s surprised rate cut but loss is so far limited. Some consolidations would be seen below 0.6083 temporary top first. But further rally would remain in favor as long as 0.5976 support holds. Above 0.6083 will resume the rise from 0.5849 towards falling trend line resistance (now at around 0.6165).
Overall, NZD/USD is seen as trading in converging range since hitting 0.5511 (2022 low) and rebounding to 0.6537 (2023 high). Outlook will be neutral until break at least a breakout from 0.5851/6221 range.
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