RBNZ’s quarterly expectations survey showed the outlook for on a 2-year horizon slowed sharply to 1.63% from 1.85%, the lowest level since 1994.
On the technical side, the pair has broken strong support at 0.6585 in Tuesday's trade, a 5-DMA crossover on 10-DMA seen.
Momentum indicators are biased lower, Stochs has crossover from overbought levels and points south.
Histogram on the has slipped below zero and the line is on the verge of a crossover below signal line.
0.6548 (50% fib of 0.6347 to 0.6750 rise) is initial support on the downside ahead of 0.6506 (Feb 3rd lows).
Immediate resistance is seen at 0.66 (38.2% fib of 0.6347 to 0.6750 rise) and then at 0.6659 (Feb 8th highs).
Good to sell rallies around 0.6580, SL: 0.6660, TP: 0.65/0.6450