RBNZ lowers OCR to 2.25% from 2.50%
Few analysts and traders were expecting the RBNZ to cut rates. The surprise move sent NZD/USD to 0.6653 from 0.6775 before the announcement.
The central bank compounded the selling by warning of further rate cuts and saying a further decline in the currency is appropriate.
Trendline support from the January low is suddenly in play.
Another chart to take a look at is AUD/NZD. I noted the wedge giving way earlier this week and now the November high has broken as well.
