NZD/USD Outlook (25 July 2022)
The NZDUSD tested the 0.63 resistance level before trading lower again. Although the NZ dollar remains under pressure with high inflation and recent interest rate hikes failing to have an impact, the NZD has climbed to the upside due to DXY weakness.
Look for the NZDUSD to bounce off the 0.62 support area to test the resistance of 0.63. A strong rejection of the resistance area could signal the resumption of the downtrend, especially if the Federal Reserve conveys a hawkish sentiment at the upcoming meeting.
Next support level beyond 0.62 is 0.6080.
Look for the NZDUSD to bounce off the 0.62 support area to test the resistance of 0.63. A strong rejection of the resistance area could signal the resumption of the downtrend, especially if the Federal Reserve conveys a hawkish sentiment at the upcoming meeting.
Next support level beyond 0.62 is 0.6080.
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