NZD/USD passes major resistance range

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Source: Dukascopy Bank SA


Recent talks and afterwards confirmation of upcoming US Dollar interest rate cuts have weakened the USD. On the NZD/USD charts it has been consistent with the rate bouncing off the support of the 0.5775/0.5850 range. By the end of August, the rate had recovered and broken the 0.6180/0.6220 resistance zone.

A continuation of the ongoing NZD surge against the US Dollar, might encounter resistance in two 2023 high level ranges. First one is the 0.6370/0.6410 range that marks the high level range that held out for most of the year. Higher above, resistance is located at 0.6515/0.6540. This zone marks the late 2022 and early 2023 high level zone.

In the case of a decline, the rate would have to first pass below the 0.6180/0.6220 zone. Below the zone, the 50 and 200-day simple moving averages could provide support, as they have shown to be capable of impacting the rate. If the SMAs fail, the rate might once again decline to the 0.5775/0.5850 zone.
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