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Forex

NZD/USD Fades Momentum at Key Resistance Levels

Guavy AI Editorial Team
Instruments
USD NZD
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The New Zealand Dollar (NZD) has been on an upward trend against the US Dollar (USD), gaining over 0.30% this week.

However, as the NZD/USD pair tests key resistance at 0.5800, the momentum seems to be fading.

The Relative Strength Index (RSI) has turned bullish but is about to pierce bearish territory, indicating a potential downside risk.

According to TMGM analysis, if the NZD/USD pair breaks below 0.5762, it will expose the next key support at 0.5743 and then 0.5700.

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