New Zealand Dollar muted near multi-month highs as it outweighs soft retail sales
The New Zealand Dollar (NZD) is holding firm against the US Dollar (USD) at the time of writing, with NZD/USD consolidating near its recent multi-month highs, just south of the 0.6000 handle.
The New Zealand Dollar (NZD) remained stable against the US Dollar (USD) near multi-month highs, trading just below 0.6000. Despite a drop in second-quarter retail sales, the Kiwi showed resilience as investors focused more on the Federal Reserve's interest rate decisions. The Reserve Bank of New Zealand increased the Official Cash Rate to 2.50%, marking its first hike in three years due to ongoing inflation concerns.
On the 4-hour chart, NZD/USD is around 0.5957, holding near the 20-period SMA at 0.5960 and a cluster of key support and resistance levels. The RSI at 57 indicates a mild bullish outlook, while price stays above the 100-period SMA at 0.5894, reflecting a recovery phase.
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