NZD – The New Zealand Dollar broke through previous support, extending downward pressure

As seen on the technical chart, the NZD/USD pair is developing a trend of lower waves. It is estimated that a break above the top of the most recent wave, the 0.60 level, will be needed to further consolidate the recent upward trend. However, the exchange rate has approached the 0.60 level several times in recent trading days but has failed to break through it. Therefore, caution is warranted if a further breakout occurs in the short term, potentially leading to correctional pressure. The 0.58 level remains crucial, and a break below this level should be avoided, as this could lead to further declines. The major support is expected at 0.5730 and 0.5660, with the next key target being 0.55. The nearest resistance is expected at 0.5930, with the 0.60 level remaining a concern. Major resistance is expected at 0.6060 and 0.6120, with 0.62 the next level.

Forecast range:
Resistance: 0.5930 - 0.6000* – 0.6060 – 0.6120 – 0.6200
Support: 0.5730 – 0.5660 – 0.5500

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