New NZD Weakens as Inflation Expectations Hit Two-Year Low

New Zealand Dollar Weakens as Inflation Expectations Hit Two-Year Low

In early European trading on Monday, the New Zealand dollar declined against the US dollar and lagged behind most other major currencies after reports indicated that business inflation expectations for the current quarter had dropped to their lowest level in two years.

Technically :
The price has a bullish trend as long as trades above 0.6006 toward the first station of 0.6050 and then should break that to continue the bullish trend till 0.6075,

otherwise reversing to stabilize under the pivot zone which is between 0.6006 and 0.5994 will get 0.5980 and 0.5943

Pivot line: 0.6006
Resistance line: 0.6050, 0.6075, 0.6106
Support line: 0.5980, 0.5944, 0.5882

Movement range will be between 0.5994 and 0.6050

Trade closed: target reached:

the price reached our targets, as we mentioned about 100 pip

so now it will move between 0.6006 and 0.5975 till breaking

Trade closed: target reached:

The price reached full bullish target we mentioned

And it’s possible to continue our chart structure…