NZD/USD defended the 200-day SMA, still vulnerable NZDUSD Crosses
he announcement by the People’s Bank of China to cut rates and a strong USD are the main reasons why the Kiwi weakened.During the Asian session, the People's Bank of China announced a reduction of the benchmark Loan Prime Rates by 10 basis points . Moreover, the one-year LPR was cut from 3.65% to 3.55%, while the five-year LPR from 4.30% to 4.20%.
On the downside, support levels line up at the daily low at the 0.6130 area, followed by the 20-day SMA at 0.6108, and the psychological mark of 0.6100. On the upside, the 100 and 200-day SMA at 0.6150 and 0.6212 are the next resistance to retake in order to reignite bullish momentum.
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