Société Générale on the New Zealand dollar. Analysts at the bank say the recent interim NZD/USD low “near the lower limit of a multi-month down sloping channel at 0.5565” also coincides with a trend line they have from 2009.
And now an initial bounce is taking shape. SG looking at
- the 50 DMA near 0.6010/0.6060 which is also the low of July is expected to be an important hurdle near-term
- Failure to overcome this resistance can lead to continuation in downtrend towards last month trough of 0.5565 and 2020 levels of 0.5495/0.5470.
NZD/USD daily chart with the 50 day MA drawn on. You can change the indicators around at our free chart app,
can
be found at this link
