NZD/USD Bears are aiming 61.8% Fibo

As it was widely expected, the Reserve Bank of New Zealand left the Official cash rate at 1.75%, which has not been adjusted since 2016. The dovish statement of the central bankers triggered bearish mood for the NZD/USD pair and brought huge selling pressure. The pair is down with 0.55% today with current market price 0.6758. As seen on the four hour time frame the price is developing well below its moving averages, all of them keeping bearish slopes. RSI and stochastic are entering into extreme oversold territory but indicating that there is room for further declines. The downfall might continue towards the long-term support zone at 0.6720 (the 61.8% Fibonacci retracement of latest 0.7395 to 0.6850 bearish run) at least until the US GDP release which could move the sentiment in the opposite direction, leastways for a while.