New Zealand dollar - New Zealand dollar continues to see resistance at 200MA, showing technical adjustment pressure
The New Zealand dollar continued to see resistance at the 200MA, showing technical adjustment pressure
The trend of New Zealand dollar against the US dollar can be seen from the technical chart, the exchange rate is being restrained below the 200-day average line of 0.63; it is estimated that if it still fails to break through this week, there is a great chance that it will face a more significant adjustment trend. Based on the increase in recent months, the callback levels of 23.6% and 38.2% are 0.6105 and 0.5990, and when extended to 50% and 61.8%, the levels are 0.59 and 0.5810. In addition, we should also pay attention to the supporting area of the upward trend line at 0.6030. If it fails in the market outlook, it is expected to intensify the adjustment trend of the New Zealand dollar. As for the resistance level, in addition to referring to the 0.63 level, it is expected that the greatest resistance will be seen at the August high of 0.6468 or even the 0.65 level.
This week's news:
New Zealand's trade terms index in the third quarter -3.4% from the previous quarter
New Zealand's third quarter seasonally adjusted export price +3.1% from the previous quarter
New Zealand's third quarter seasonally adjusted import price +6.3% from the previous quarter
Resistance 0.6300** - 0.6468 – 0.6500
Support 0.6105– 0.6030* - 0.5990 - 0.5900 – 0.5810
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