The New Zealand dollar recently declined from the 23.6% Fibonacci resistance level, losing its gains in the previous session.
In New Zealand, the Reserve Bank adjusted its official cash rate to address low inflation and slow economic activity. The central bank also suggested that it might lower rates again early next year, depending on the economy’s performance.
Additionally, the number of building permits issued in October fell, reversing the increase seen in September. This marks several declines in building permits this year, indicating a slowdown in the construction sector.
From a technical perspective, a break below 0.587 could trigger a downtrend. In this scenario, the next bearish target will likely be 0.584.