NZD New Zealand Dollar – The New Zealand dollar shows technical oversold pressure

The New Zealand dollar fell to a two-year low against the U.S. dollar before also recovering. Data released on Thursday showed New Zealand's economy fell into recession in the third quarter. As can be seen from the technical chart, both the RSI and the stochastic index showed initial signs of recovery from the oversold area. It is expected that the New Zealand dollar has a greater chance of stabilizing again. On the upward side, we will first pay attention to 0.5700 and the 25-day moving average of 0.5820. If calculated based on the golden ratio, the rebound range of 38.2% and 50% can reach 0.6015 and 0.6085, and then to 61.8% is 0.6155. The support below looks back to the 0.56 and 0.55 levels, and the larger support is 0.5460.

Estimated range:
Resistance 0.5700 – 0.5820 – 0.5870 – 0.6015 – 0.6085
Support 0.5600 – 0.5500 – 0.5460

This week's news:
New Zealand's seasonally adjusted GDP in the third quarter was -1.5% year-on-year
New Zealand's seasonally adjusted GDP in the third quarter was -1.0% from the previous quarter

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