The New Zealand Dollar has depreciated about 2.70% in value against the US Dollar. The decline started after the Central Bank of New Zealand surprised the markets, by cutting the official cash rate by 50-basis points. The surprise move by the RBNZ sent the New Zealand Dollar to a ten-month low.
The NZD/USD exchange rate could consolidate below the 0.6450 area within this session.
In the meantime, technical indicators demonstrate that the currency exchange rate might continue its southern movement during the following trading session. Bears could push the rate towards the weekly S3 at 0.6346.
