NZD/USD Extends Rebound From 0.5821 Low, Eyes 0.5900 Break
Updated
Updated · continuumeconomics.com · Aug 18
NZD/USD Extends Rebound From 0.5821 Low, Eyes 0.5900 Break
3 articles · Updated · continuumeconomics.com · Aug 18
Summary
NZD/USD pushed higher from last week’s 0.5821 low, but the pair still lacked follow-through above the 0.5900 resistance level in early trade.
A clear break of 0.5900 would reinforce the broader rebound from June’s 0.5625 low and open the way toward 0.5930-0.5950, with May’s 0.5995 high the next major target.
Support is seen at 0.5850 and down to 0.5821, a zone the chart update said should now underpin the bullish move from the June low.
The kiwi had already been holding near 0.590 in the previous session, supported by a softer US dollar and expectations of a 25-basis-point RBNZ rate hike.