NZD/USD Price Forecast: Rises ahead of Fed as USD softens
- NZD/USD up 0.23% to 0.5783 as Greenback weakens.
- Pair remains capped below 0.5800 resistance; break above targets the 50- and 200-day SMA, each at 0.5830 and 0.5858.
- On downside, supports lie at 20-day SMA at 0.5760, 0.5682 and yearly low at 0.5485.
The Kiwi Dollar edges up 0.23% on Tuesday as the Greenback weakens ahead of the Federal Reserve’s monetary policy meeting on Wednesday, at which the central bank is expected to cut rates by 25 basis points. The NZD/USD trades at 0.5783 at the time of writing.
NZD/USD Price Forecast: Technical outlook
The NZD/USD technical picture suggests that downtrend might continue, but the Fed’s decision could trigger a shift in the trend. Capped on the upside, buyers would face key resistance at 0.5800 before testing the 50-day Simple Moving Average (SMA) at 0.5830, followed by the 200-day SMA at 0.5858.
If those two levels are surpassed, the NZD/USD bias would shift to neutral-upwardly with traders eyeing a challenge to the 100-day SMA at 0.5907.
For a bearish continuation, the NZD/USD first support would be the 20-day SMA at 0.5760, before testing the October 23 low of 0.5724. A decisive break and 0.57 is up next. On further weakness, the next support would be October’s low of 0.5682, before plunging towards the yearly low of 0.5485.
NZD/USD Price Chart – Daily
New Zealand Dollar Price This week
The table below shows the percentage change of New Zealand Dollar (NZD) against listed major currencies this week. New Zealand Dollar was the strongest against the British Pound.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.13% | 0.39% | -0.52% | -0.45% | -0.62% | -0.02% | -0.38% | |
| EUR | 0.13% | 0.53% | -0.32% | -0.32% | -0.43% | 0.09% | -0.25% | |
| GBP | -0.39% | -0.53% | -0.95% | -0.85% | -0.94% | -0.44% | -0.82% | |
| JPY | 0.52% | 0.32% | 0.95% | -0.01% | -0.19% | 0.37% | 0.05% | |
| CAD | 0.45% | 0.32% | 0.85% | 0.00% | -0.23% | 0.41% | 0.03% | |
| AUD | 0.62% | 0.43% | 0.94% | 0.19% | 0.23% | 0.51% | 0.13% | |
| NZD | 0.02% | -0.09% | 0.44% | -0.37% | -0.41% | -0.51% | -0.38% | |
| CHF | 0.38% | 0.25% | 0.82% | -0.05% | -0.03% | -0.13% | 0.38% |
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.
