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The NZD/USD rate has been trading between support at 0.5990/0.6085 and resistance at 0.6380/0.6420 for most of 2023. Most recently, the pair bounced off the resistance zone and declined to the support of the 50-day simple moving average.
A decline below the 50-day simple moving average could result in the rate looking for support in the 0.5990/0.6085 range. Further below, round exchange rate levels might act as support, before the rate reaches the 2022 low level at 0.5520.
However, a recovery of the New Zealand Dollar against the US Dollar would have to break the 200-day simple moving average at 0.6556 and the 0.6380/0.6420 range, prior to testing the 2023 highs at 0.6515/0.6540.
Mon, 24 Jul 2023 13:15:41 GMT
Source: Dukascopy Bank SA
The NZD/USD rate has been trading between support at 0.5990/0.6085 and resistance at 0.6380/0.6420 for most of 2023. Most recently, the pair bounced off the resistance zone and declined to the support of the 50-day simple moving average.
A decline below the 50-day simple moving average could result in the rate looking for support in the 0.5990/0.6085 range. Further below, round exchange rate levels might act as support, before the rate reaches the 2022 low level at 0.5520.
However, a recovery of the New Zealand Dollar against the US Dollar would have to break the 200-day simple moving average at 0.6556 and the 0.6380/0.6420 range, prior to testing the 2023 highs at 0.6515/0.6540.