The NZD/USD pair struggles to extend recovery above the immediate resistance of 0.5920 in Thursday’s early American session.
NZD/USD faces pressure while attempting to extend recovery above 0.5920 as market sentiment turns risk-averse. The US Dollar rebounds amid fears that the Fed will keep interest rates higher for a longer period. The RBNZ is expected to pivot to rate cuts starting in November. The Kiwi asset faces pressure as the US Dollar rebounds after correcting as investors fear inflation in the United States economy will remain stubbornly higher. The US Dollar Index recovers above 106.
6%, as expected in the first quarter of 2024. NZD/USD faces selling pressure near at April 1 low near 0.5940, which turns into a resistance for the Kiwi bulls on an hourly timeframe. The near-term outlook remains bearish as the asset trades below the 200-hour Exponential Moving Average , which trades around 0.5950. The 14-period Relative Strength Index drops after failing to sustain above 60.00, suggesting that sellers use the pullback to build fresh shorts.
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