The price of the New Zealand dollar showed a strong decline after lowering interest rates by the Reserve Bank of New Zealand by 0.25% to 3.25%. As a result, the quotes returned inside the descending channel and reached the target level of 0.7000. Overcoming the important support level at 0.7000 will become the basis for the continuation of the downward movement to 0.6600. The growth of price within the correction is limited by the level of 0.7200. Our outlook remains negative and we recommend holding short positions with a stop above 0.7200.