NZD/USD is trading at 0.61728, 0.13% down since previous day close. The selling pressure can be seen in Kiwi after China showed a modest rate cut in today’s PBoC meet which may affect the slowdown in economic activities on China; for China & New Zealand are the trading partners. Also, the traders wait for the U.S Fed Chair Jerome Powell testifying speech which is due on Wednesday. In New Zealand, the Westpac Consumer Sentiment rose to 83.1 from 77.7 in the previous month & the Business NZ Services Index rose to 53.3 from 50.1 in the previous month which may turn positive for the pair later on. As seen in the chart, the pair is trading within the long-term MA (100) & (200) which indicates a sideways momentum. The cautious trading may be recommended for the day.

CHNINDs is trading at 6643, 0.26% down since previous day close. The Chinese shares slid down on Tuesday after PBoC cut down the Prime lending rate by 10bps much lower than the expected cut-down of 15bps, which weakened the market sentiments. Also, the traders remained awaited for stimulus package offering in order to boost economic growth. Last week, the bank cut down its short-term lending rate for the first time in 10 months which cushioned the CHNIND. On global front, forthcoming U.S FOMC Chair Powell testifying speech showing more cues over monetary decision remains vital for indices. As seen in the chart, the CHNIND retraced down from MA (100); still, it is hovering near MA (200). Hence, wait & watch strategy may be adopted for the day in CHNIND.

WTI Oil is trading at $71.03, 0.02% down since previous day close. The China’s PBoC move of cutting down its Prime Lending Rate by 10 bps lower than expected cut-down of 15bps led selling pressure in Oil prices since China is a top Oil consuming country. Also, the traders are waited for stimulus package offering in China & Fed Chair Powell testifying speech due on Wednesday. Last week, the Oil tested $72 levels amid optimism over improving Chinese & global growth which may retain the consumption demand of Oil. As seen in the chart, although an Oil crossed over short-term MA (10) & MA (20); yet it is still trading below the major resistance level. The cautious trading may be recommended for the day.