The weakening US dollar gives rise to the NZD/USD movement “to the north”, and in case breakdown of the important short-term resistance level 0.5729 and the local resistance level and today’s high 0.5757, the growth of NZD/USD may continue up to the resistance levels 0.5945, 0.6010. Higher is unlikely, given the global downtrend of NZD/USD.
And today, the volatility in the NZD/USD pair may increase again (at 14:00 GMT), which will be associated with the publication of important macro statistics for the US and New Zealand, as well as at 13:00, 13:15, 15:00, 17: 00 (at this time, speeches by representatives of the management of the Fed and the ECB are scheduled – for more details, see the Major economic events of the week 03.10.2022 – 09.10.2022).
In general, the downward dynamics of NZD/USD prevails, while the pair remains in the zone of a long-term bear market – below the key resistance levels 0.6700, 0.6390.
Support levels: 0.5693, 0.5680, 0.5590, 0.5565, 0.5470
Resistance levels: 0.5729, 0.5757, 0.5900, 0.5945, 0.6010, 0.6065, 0.6280, 0.6390, 0.6480, 0.6700
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