Photo by Thomas Coker on Unsplash
 

The New Zealand Dollar recovers some ground as Wednesday’s Asian session begins, yet it remains hovering at around 0.5740 for the third straight day, below the 20-day Simple Moving Average (SMA).

NZD/USD Price Forecast: Technical outlook
 

The NZD/USD technical picture reveals the pair is consolidating at around 0.5700-0.5760. The Relative Strength Index (RSI) although bearish, it remains flatlined, an indication that neither buyers nor sellers are in control.

If NZD/USD clears the top of the range, this could pave the way for testing 0.5800. A breach of the latter will expose key resistance levels like the 50-day SMA at 0.5843 and the 200-day SMA at 0.5855.

Conversely, if the Kiwi tumbles below 0.5700, bears could target the latest cycle low seen at 0.5682 the October 14 low, ahead of challenging the year-to-date (YTD) bottom at 0.5485.

NZD/USD Price Chart – Daily
 

New Zealand Dollar Price This week
 

The table below shows the percentage change of New Zealand Dollar (NZD) against listed major currencies this week. New Zealand Dollar was the strongest against the Japanese Yen.
 

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