NZD – The New Zealand Dollar is consolidating and poised for a breakout

The NZD/USD pair has formed a head and shoulders bottom pattern since October of last year, with the neckline around 0.5860. A decisive break above this level would be a significant bullish signal. Support levels are estimated at the 50-day moving average at 0.5730 and 0.5700, with the next key levels at 0.5610 and 0.5570. Since May of this year, the 0.58 and 200-day moving averages have been important dividing lines for the NZD. Therefore, on the upside, watch for 0.58 and the current 200-day moving average at 0.5860, followed by key levels at 0.59 and 0.60, and then the 0.6050 level.

Forecast range:
Resistance: 0.5860 - 0.5900 - 0.6000* - 0.6050
Support: 0.5730 - 0.5700 - 0.5610 - 0.5570

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