- NZD/USD trades at 0.5917, down 0.01%, after failing to break the September 11 daily high of 0.5935.
- Daily chart shows a neutral to downward bias; key resistance levels emerge at 0.5950, and September 1 swing high of 0.6015.
- A break below the September 13 swing low of 0.5879 could trigger a test of the year-to-date low at 0.5859.
The New Zealand Dollar (NZD) printed gains against the US Dollar (USD) of 0.26% on Wednesday, following a mixed US inflation report, leaving the door open for the US Federal Reserve to tighten monetary policy. As Thursday’s Asian session begins, the NZD/USD trades at 0.5917, registering minuscule losses of 0.01%.
NZD/USD Price Analysis: Technical outlook
The daily chart depicts the pair as neutral to downward biased, consolidated within the year’s lows, at around 0.5920s. Despite trading near the week’s highs, the currency pair has failed to crack the September 11 daily high at 0.5935, which could open the door for further upside, exposing the 0.5950 and the September 1 swing high at 0.6015.
Conversely, if the NZD/USD extends its losses past the September 13 swing low of 0.5879, that would exacerbate a test of the year-to-date (YTD) low of 0.5859, followed by the November 3 daily low of 0.5740. A breach of the latter, the NZD/USD would reverse the last uptrend, which began around the October 13 low of 0.5512.
NZD/USD Price Action – Daily chart
