The NZD/USD pair turns sideways slightly below 0.5900 in Friday’s European session after recovering sharply from the crucial support of 0.5860.
NZD/USD bounces back from 0.5860 as the US Dollar edges down. Investors see the RBNZ beginning to reduce interest rates from November. The Kiwi asset trades inside the Descending Triangle pattern, suggesting indecisiveness among investors. The Kiwi asset rebounds as the appeal for risk-perceived currencies strengthens after economists cautioned about persistent global inflation.
The downward-sloping border of the above-mentioned chart pattern is plotted from April 12 high near 0.6000 while the horizontal support is placed from April 16 low at 0.5860. The Kiwi asset attempts to break above the 20-period Exponential Moving Average , which trades around 0.5900. The 14-period Relative Strength Index recovers sharply above 40.00. However, the downside bias remains favored untilthe RSI breaks above 60.00.
RBNZ Fed Inflation Supportresistance
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