New Zealand Dollar Technical Outlook

The New Zealand dollar finds itself almost exactly at support of a minor rising short-term trendline, with a break lower to signal further declines are likely.

The pair has thus far failed at the 50.0 percent Fibonacci retracement of 0.6960-0.5190 at 0.6070, and such a move keeps our short-term trading bias to the downside. A break of 0.5700 invites a move towards intraday congestion zones in the 0.5400-0.5500 range.

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