USD to NZD Breaks Lower, ANZ Business Confidence Falls

On the daily chart, the USD to NZD exchange rate had been finding solid support near the 100 SMA. However, yesterday saw a notable shift as the price dipped below the 50 SMA, breaching this crucial moving average. The decline was driven by a stronger USD, causing the NZD/USD pair to drop to the lower end of its range before finding support from other moving averages and rebounding back to higher levels.

NZD/USD Chart Daily – Sellers Testing the Last MAs

The NZD has faced persistent pressure, largely due to periodic risk-off sentiment flows, which pose challenges for the Kiwi over the long term. Looking closely at the daily chart, NZD/USD has consistently bounced off the consolidation zone near the critical support level around 0.61. Buyers have consistently stepped in around this area, pushing the price upwards. However, yesterday saw sellers taking control, pushing the market below this pivotal level and breaking through the 0.61 mark, thereby intensifying negative momentum and setting the stage for a potential decline towards the 0.60 handle next. Last night we had the ANZ Business Confidence report.

ANZ Business Confidence for June

 

NZD/USD Live Chart

NZD/USD
Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies
ABOUT THE AUTHOR See More
Avatar
Skerdian Meta
Lead Analyst
Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.
Related Articles
Comments
0 0 votes
Article Rating
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments