NZD – The New Zealand Dollar stabilizes and tests trendline resistance

The New Zealand dollar fell to nearly 0.58 against the U.S. dollar last Friday, hitting a four-month low, but stabilized last week. The technical chart shows a trend of lower waves forming from the July 1 high of 0.6120 to the July 24 high of 0.6059, and finally last Wednesday's high of 0.5997. A break above trendline resistance at 0.5960 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, support remains at the 200-day moving average, currently at 0.5830. The major support is expected at 0.5730 and 0.5660, with the next key level at 0.55.

Estimated Range:
Resistance: 0.5960 - 0.6000* – 0.6060 – 0.6120 – 0.6200
Support: 0.5830 – 0.5730 – 0.5660 – 0.5500

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