NZD  – The New Zealand dollar is testing key support, implying further downside pressure.

The market widely expects the Reserve Bank of New Zealand to cut interest rates by 25 basis points to 2.25% on November 26th, with a 10% chance of a surprise 50 basis point cut like in October.

As seen on the technical charts, the RSI and Stochastic Oscillator are trending lower, and the MACD indicator has broken below the signal line, suggesting continued downward pressure on the NZD. Support levels are estimated at 0.5580 and 0.55, with the next key levels at 0.5460 and 0.54. Nearer resistance is seen at 0.5680 and 0.5750, with significant resistance expected at the 0.58 level, where last week's high was at 0.5801; further resistance is anticipated at the 0.60 level.

Forecast range:

Resistance: 0.5680 - 0.5750 - 0.5800* - 0.6000*

Support: 0.5580 – 0.5500* - 0.5460 – 0.5400*

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