NZD – The New Zealand dollar continues to be capped at the 0.60 level

The New Zealand dollar (NZD) against the U.S. dollar continued to be capped by the psychological level of 0.60 this week. It failed to break through the highs of 0.5990 on May 6th and 0.5993 on May 29th. Therefore, a breakout this time would likely signal the beginning of a new upward trend, with initial targets at 0.6090 and 0.6120, followed by 0.62. The supporting levels will be seen at 0.5920 and 0.5860, with the next levels at 0.58 and 0.5760.

Forecasted range:
Resistance: 0.6000** – 0.6090 – 0.6120 – 0.6200
Support: 0.5920 – 0.5860 – 0.5800 – 0.5760

Key Focus:
Friday: New Zealand July Trade Balance (06:45)

Any questions? contact our professional analysis team