NZD New Zealand Dollar - The New Zealand dollar shows a double bottom pattern and continues to stabilize.
The trend of the New Zealand dollar against the US dollar can be seen from the technical chart. The New Zealand dollar against the US dollar fell to 0.5857 on the 6th of this month, the lowest level since November last year. After that, the exchange rate remained within a narrow range above this area until it began to rebound this week sign. Regarding technical trends, the MACD indicator is breaking above the signal line, and the New Zealand dollar is expected to still have an upward trend against the US dollar in the short term. The recent resistance is likely at the 0.60 mark or even the September 1 high of 0.6014. It is expected to extend upward in a double-bottom pattern if it can break through this area. Calculated with a range of about 155 points, the target will be 0.6170. The next step, level resistance, refers to the high of 0.6273 on July 27. The support level is estimated to be 0.5950 and 0.5850, with the critical point pointing to 0.58.
Resistance 0.6000/14 – 0.6170 – 0.6273
Support 0.5950 - 0.5850* - 0.5800
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