NZD builds double bottom, sees steady short-term gains

The New Zealand dollar builds a double bottom, and the short-term material is stable

The trend of New Zealand dollar against the US dollar, the technical chart shows that the RSI and the stochastic index have rebounded, and the MACD indicator has a good chance to break the signal line again. It is estimated that the New Zealand dollar has a tendency to counterattack in the short term. The current resistance is expected to be the 25-day average at 0.64. This indicator has been an important dividing line for the trend of the New Zealand dollar in recent years; the largest resistance can be seen at the 50-day average of 0.6440 and even the level of 0.66. As for the lower support, we will pay attention to the 0.62 level. In the past two weeks, the exchange rate has been able to hold this area, but we must also be careful if the market exchange rate clearly falls below this area, then the New Zealand dollar is expected to usher in a new wave of decline, with greater support then will see the 0.60 mark and even the 0.5840 level.

Estimated volatility:
Resistance 0.6580 - 0.6630 – 0.6800
Support 0.6415 – 0.6360 – 0.6280

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