NZD/USD Technical analysis
The counter couldn’t sustain the break above the critical resistance of 0.66690.
It formed a double top pattern above the resistance signalling a topping out formation.
The recent data suggests that the market has overrun and the threat of 50 bps rate cut has passed away, for the moment.
Hence, we expect the pair to move down to the support level of 0.64865.
It formed a double top pattern above the resistance signalling a topping out formation.
The recent data suggests that the market has overrun and the threat of 50 bps rate cut has passed away, for the moment.
Hence, we expect the pair to move down to the support level of 0.64865.
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