NZD – The New Zealand Dollar (NZD) is range-bound

As seen on the technical chart, the NZD/USD pair appears to be developing a trend of lower waves, from the July 1 high of 0.6120 to the July 24 high of 0.6059, and finally the August 13 high of 0.5995. A break above the trendline resistance at 0.5950 is expected to consolidate the recent upward trend. It could then test the 0.60 and 0.6060 levels, with the next levels at 0.6120 and 0.62. Meanwhile, the 200-day moving average, currently at 0.5830, remains a key support level, along with the 0.58 level. A break below this level could lead to further declines. The major supporting levels are expected at 0.5730 and 0.5660, with the next key level at 0.55.

Forecast range:
Resistance: 0.5950 - 0.6000* – 0.6060 – 0.6120 – 0.6200
Support: 0.5800/30 – 0.5730 – 0.5660 – 0.5500

Focus:
Thursday
New Zealand Q2 GDP (06:45)

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