Looking at a severely oversold New Zealand dollar versus US dollar on multiple time frames. Most appealing to us is the but almost all time frames confirm the oversold nature of this pair after the recent print disappointed. 0.1% versus 0.3% expectation. This led for the New Zealand dollar breaching key levels around low 0.67.
The market appears to have a found support around levels dating back to January both on the headline number and on the subsequent short lived bounce after it. Now we currently see the pair in extreme oversold status on and analysis highlighted in our tradingview chart.
The bounce we are looking for may not start to trend until the New Zealand session begins overnight but we are looking for a sustained bounce into next week take New Zealand dollar back towards mid 67s.
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from the Team at forexTrdr
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