New Zealand dollar goes down under pressure, test support of MA-50

Since January this year, the exchange rate has been striving to stay above the MA-50. Although it once rushed higher in the second half of last month, it fell in the latter part of last week and has been retesting the MA-50. It is currently located at the 0.72 mark, and it is temporarily seen to stay above this area. In addition, the chart also shows that the RSI and Stochastic Index have declined significantly, so the short-term New Zealand dollar is expected to have a further downward trend against the US dollar. Based on the cumulative increase since the low of 0.7512 in September last year, the adjustment range of 38.2% is 0.71, and the expansion to 50% and 61.8% will see the 0.6990 and 0.6875 levels respectively. As for the upper resistance is estimated at 0.73 and 0.7440, the larger resistance is seen at the 0.75 mark.

Estimated volatility:
Resistance 0.7300 - 0.7440 - 0.7500
Support 0.7200 - 0.7100 - 0.6990 - 0.6875

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