NZD – The New Zealand Dollar (NZD) is consolidating in a narrow range near its lows, brewing stabilization

Investors have fully priced in a 25 basis point interest rate cut by the Reserve Bank of New Zealand (RBNZ) in November, and even predict a 56% probability of a final rate cut, to a terminal rate of 2%, early next year.

As for the NZD/USD pair, the RSI and Stochastics are rebounding, suggesting a potential intraday stabilization for the NZD. However, it faces resistance at 0.58, which also reflects the 25-day moving average. The significant resistance is forecasted at 0.60 and 0.6060. The support is forcasted at 0.5680/0.5700, with the next key levels at 0.55 and 0.54.

Forcasted Range:
Resistance: 0.5800* - 0.6000* – 0.6060
Support: 0.5680/0.5700 - 0.5500 – 0.5400

Focus:
Tuesday
New Zealand September Imports, Exports, and Trade Balance (05:45)

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