NZD/USD Price Forecast: Kiwi reversal puts 0.5700 under pressure
The New Zealand Dollar (NZD) turns negative on Friday, down 0.11% against the US Dollar (USD), in a week that saw the Federal Reserve's (Fed) first rate hike in three years, which underpinned the Greenback against most G8 FX currencies.
The New Zealand Dollar (NZD), often referred to as the "Kiwi," experienced a slight decline against the US Dollar (USD) on Friday. The pair traded at 0.5725 after peaking at 0.5787, but reversed course and finished the week near its daily low of 0.5700. The Relative Strength Index (RSI) indicates that the downtrend may continue, prompting the NZD to break below 0.5700 for further decline.
A successful break of 0.5700 would expose the July 8 low of 0.5671, followed by a potential test of the year-to-date low of 0.5626. Conversely, if NZD/USD rises above 0.5750, it could challenge the 0.5800 level, which would then have to overcome the 100-day SMA at 0.5834 and the 200-day SMA at 0.5853. Economic indicators, such as New Zealand's performance and the Reserve Bank of New Zealand's (RBNZ) interest rate decisions, play a significant role in determining the value of the Kiwi.
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