NZD – Technical weakness continues, NZD continues to see downward pressure

As for the New Zealand dollar against the US dollar, the exchange rate encountered resistance near 0.5830 for several days last week, and showed a significant decline on Thursday, and further fell to 0.5707 on Monday this week. Technical charts show that the RSI and stochastic index are still declining, and the 5-day moving average has just broken below the 10-day moving average, indicating that the New Zealand dollar will continue to adjust in the short term. The current resistance is expected to be 0.5750 and 0.5830, after which it will look to the 250-day moving average of 0.5950 and even the 0.60 mark. The support level looks back at 0.5670 and 0.56 levels, and the next level is estimated to be 0.55 or even the March 2020 low of 0.5468.

Forecast range:
Resistance 0.5780 - 0.5830* - 0.5950 – 0.6000*
Support 0.5670 – 0.5600- 0.5500* – 0.5468

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