Technical Analysis: NZDUSD

NZDUSD hit a two-week low

On Wednesday, NZDUSD was prone to fluctuation. It reached 0.6975 at one point, which marked the lowest level since 24^th June.

The RBNZ kept the interest rate unchanged

On Wednesday, the RBNZ kept the benchmark interest rate unchanged at 3.25%, meeting market expectations. In addition, the RBNZ hinted that the interest rate will be further cut.

The Fed reiterated its careful policy stance

The Fed released the FOMC’s June 17-18 meeting minutes on 9^th July, local time. Most policymakers are afraid that Trump’s tariff policies will reshape global trade, triggering inflationary pressure, however, they believe that the interest rate will be reduced in late 2025, according to the meeting minutes.

Technically speaking, the bearish market trend prevailed in the short term

the Chart of the Day

On the chart of the day, NZDUSD was prone to fluctuation and fell. The bearish market trend prevailed in the short term. In terms of technical indicators, KDJ went downwards after death cross occurred, showing that NZDUSD will fall further. Investors should focus on whether NZDUSD will break through the support at 0.596. It will decline further with potential support at 0.588 if it breaks below 0.596.

4-hour chart

On the 4-hour chart, NZDUSD was prone to fluctuation and declined. The bearish market trend prevailed. In terms of technical indicators, ATR went downwards after death cross occurred, showing that NZDUSD will fall further. Investors should focus on whether NZDUSD will break through the resistance at 0.603. It will fall if it rebounds but is capped at 0.603.

Key resistance: 0.603,0.606

Key support: 0.596,0.588

Generally speaking, NZDUSD is more likely to fall in the short term. Investors should focus on US economic data during the day.