New Zealand Dollar Technical Outlook

The New Zealand Dollar has been unable to clear important resistance against the US Dollar, opening the door for further short-term NZD/USD weakness. The NZD/USD set a clear short-term top at the 50.0 percent Fibonacci retracement of the 0.6960-0.5200 move at 0.6080, leaving clear risks that the pair may break short-term uptrend support at the 0.5700 handle.

Subsequent support can be found at previous congestion levels between 0.5500-0.5600. A break above 0.6080 would clearly negate our bearish bias.

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