NZD – New Zealand dollar extends upward momentum, testing near-month highs

The New Zealand dollar fell sharply from 0.5850 on April 3 to a low of 0.5483 last Wednesday, but it rebounded and returned to above 0.58 on Friday. The chart shows that the RSI and stochastic index are still rising, and the MACD has just broken above the signal line, indicating that the New Zealand dollar may have further upward momentum in the short term; but the key is to pay attention to 0.5850. It has failed to rise twice since mid-March. If it can break through, the extension target will be 0.5880 and the 250-day moving average of 0.5920, and then it will go straight to the 0.60 and 0.6150. The supporting level is forecasted to 0.5760 and the 25-day moving average of 0.5710, and the next level is forecasted at 0.5560 and 0.55.

Forecast range:
Resistance 0.5850* - 0.5880 - 0.5920 – 0.6000 – 0.6150
Support 0.5760 – 0.5710 – 0.5560 – 0.5500

Focus:
Thursday: New Zealand first quarter CPI (06:45)

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