NZD/USD Price Forecast: Downtrend persist after hitting six-month low
- NZD/USD hovers near 0.5718, capped by resistance at 0.5754 and the 20-day SMA at 0.5808.
- Fed Chair Powell’s slightly dovish remarks weigh on Dollar but fail to lift Kiwi meaningfully.
- Bears eye key support at 0.5682, with yearly low at 0.5485 remaining in focus.
The New Zealand Dollar trims some of its earlier losses, as the Greenback turns negative on the day sponsored by the escalation of trade tensions between Washington and Beijing and Fed Chair Jerome Powell slightly dovish remarks. The NZD/USD trades at 0.5718, down 0.14%.
NZD/USD Price Forecast: Kiwi pares losses, yet it remains pressured
The downtrend continues as the NZD/USD remains below the latest cycle low turned resistance at 0.5754, reached on September 26. Momentum reveals that sellers remain in charge as depicted by the Relative Strength Index (RSI).
If NZD/USD clears the 0.5750 figure, the next stop would be the September 26 low turned resistance, ahead of 0.5800. Further upside lies ahead, with the 20-day SMA at 0.5808, which if cleared, paves the way for testing the 200-day SMA at 0.5850.
On the downside, the first key support would be the October 14 low of 0.5682—six months low—, followed by the yearly low of 0.5485.
NZD/USD Price Chart – Daily
New Zealand Dollar Price This Month
The table below shows the percentage change of New Zealand Dollar (NZD) against listed major currencies this month. New Zealand Dollar was the strongest against the Japanese Yen.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 1.09% | 0.85% | 2.61% | 0.85% | 1.89% | 1.33% | 0.56% | |
| EUR | -1.09% | -0.22% | 1.48% | -0.24% | 0.82% | 0.26% | -0.53% | |
| GBP | -0.85% | 0.22% | 1.76% | -0.02% | 1.05% | 0.49% | -0.30% | |
| JPY | -2.61% | -1.48% | -1.76% | -1.70% | -0.71% | -1.01% | -1.90% | |
| CAD | -0.85% | 0.24% | 0.02% | 1.70% | 1.04% | 0.50% | -0.29% | |
| AUD | -1.89% | -0.82% | -1.05% | 0.71% | -1.04% | -0.55% | -1.33% | |
| NZD | -1.33% | -0.26% | -0.49% | 1.01% | -0.50% | 0.55% | -0.78% | |
| CHF | -0.56% | 0.53% | 0.30% | 1.90% | 0.29% | 1.33% | 0.78% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the New Zealand Dollar from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent NZD (base)/USD (quote).
Author
Christian Borjon Valencia
FXStreet
Christian Borjon began his career as a retail trader in 2010, mainly focused on technical analysis and strategies around it. He started as a swing trader, as he used to work in another industry unrelated to the financial markets.
