NZD – The New Zealand dollar breaks through consolidation range resistance, poised for a new upward move

The New Zealand dollar (NZD) against the US dollar had been capped at the 0.5950 level for the past month, finally breaking through on Wednesday to a high above 0.5990. If it continues to hold above 0.5950, a new upward wave for the NZD is expected. Based on the April 29 low of 0.5815, the potential extension could reach 135 points, to the 0.6085 level. Other resistance levels are expected at 0.60, the July 1 high of 2018 at 0.6122, and even 0.62. Support is estimated at 0.5950 and 0.5870, with the next level at 0.58.

Forecasted range:
Resistance: 0.6000 – 0.6085 – 0.6122 – 0.6200
Support: 0.5950 - 0.5870 – 0.5800

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