S&P upgrades New Zealand's rating, New Zealand dollar hits a new high
New Zealand dollar against the US dollar trend, the exchange rate has been struggling to stay above the MA-50 recently, and it has risen significantly recently, breaking through the January 6 high of 0.7314. However, the RSI and Stochastic Index have both reached the overbought area above the 80 level. Therefore, we must be careful to guard against the short-term rise of the New Zealand dollar or a slight slowdown. The key downside support will still focus on the MA-50, currently located at 0.7180. If the market outlook falls below this zone, adjustment pressure may increase. Calculated based on the cumulative increase since the low of 0.7512 last September, the adjustment range of 38.2% is 0.7020, and the expansion to 50% and 61.8% will be seen at the 0.6925 and 0.6830 levels respectively. As for the upper resistance estimated at 0.7440 and 0.75 mark, further refer to the July 2017 high of 0.7557.
Resistance 0.7440 – 0.7500 – 0.7557
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