NZD – Inflation Data Supports Rate Hike Expectations, NZD Rises

The NZD/USD pair is trending upwards on the technical charts. The RSI and Stochastic Oscillator are rising, the 10-day moving average has crossed above the 25-day moving average, forming a bullish crossover, and the exchange rate has also just broken above the 50-day and 250-day moving averages, all indicating a continued upward trend for the NZD/USD in the short to medium term. The current support levels are initially seen at the 250-day moving average at 0.5830 and the 50-day moving average at 0.58, with the next level at 0.5740, followed by 0.5670 and then the 0.56 level. The upside resistance levels are at 0.59 and 0.5950. 0.60 is estimated to remain a significant psychological level. The highs of 0.5990 on May 6th and 0.5993 on May 29th also failed to break through this level. Therefore, a breakout this time would likely be the initial indication of a new upward trend, with potential targets at 0.6090 and 0.6120.

Forecasted Range:
Resistance: 0.5900 - 0.5950 - 0.6000** – 0.6090 – 0.6120
Support: 0.5800/30 - 0.5740 - 0.5670 - 0.5600

This Week's News:
21/7 New Zealand's Q2 CPI rose 1.5% quarter-on-quarter, and the year-on-year increase rose to 4.1%

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