NZD/USD Price Forecast: Sees fresh downside leg below 0.5700
The New Zealand Dollar (NZD) trades marginally higher against the US Dollar (USD) at around 0.5727 during the European trading session on Monday even as the US Dollar Index (DXY) is positive. At press time, the USD Index is up 0.1% higher to near 100.31.
The New Zealand Dollar (NZD) is trading marginally higher against the US Dollar (USD) at approximately 0.5727 during the European session on Monday, despite the US Dollar Index (DXY) being positive. HSBC analysts note that the USD strengthened following the decision, with a unanimous vote indicating confidence in the Committee's tightening bias.
NZD/USD is currently below the 20-period exponential moving average (EMA) at 0.5811 and near a cluster of dense Fibonacci retracement levels. The pair is experiencing bearish momentum, with support at the 78.6% retracement at 0.5704 and further cushion at the 100.0% Fibonacci anchor around 0.5627.
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