The NZD/USD pair faces an intense sell-off and slides below the round-level support of 0.6100 in Wednesday’s North American session.
NZD/USD plummets below 0.6100 as the RBNZ reduced its OCR further by 50 bps to 4.75%. The RBNZ was expected to deliver a hefty rate cut amid weak growth prospects. Investors await the FOMC minutes for fresh cues on the interest rate outlook. The Kiwi pair plunges as the Reserve Bank of New Zealand has cut its Official Cash Rate by 50 basis points to 4.75%. The RBNZ was expected to deliver a larger-than-usual interest rate cut due to softening labor market conditions and subdued growth.
00, suggesting that a bearish momentum has been triggered. More downside is highly likely towards the psychological support of 0.6000 and the August 15 low of 0.5974. On the flip side, a reversal move above the October 8 high of 0.6146 will drive the asset towards the 50-day EMA at 0.6173 and the October 4 high near 0.6220.
Fed RBNZ Interestrate Supportresistance
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