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NZD/USD Finds Some Respite

The New Zealand dollar claws back losses on upbeat Q3 CPI. The pair is hovering above March 2020’s low at 0.5500 which has triggered a ‘buying-the-dips’ behaviour. The support-turned-resistance 0.5700 from a previous rebound is the first hurdle. The daily resistance at 0.5810 coincides with the 30-day moving average, making it an area of interest where stiff selling pressure from trend followers could be expected. A break below the critical floor at 0.5500 would signal a bearish continuation towards 0.53s.

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