NZD/USD TECHNICAL OUTLOOK: RANGE-BOUND WITH LIMITED UPSIDE
NZD/USD TECHNICAL OUTLOOK: RANGE-BOUND WITH LIMITED UPSIDE
Weak US consumer sentiment, expected decline in retail sales, and stagflation risks have led to USD weakness.
However, NZD/USD shows limited movement.
New Zealand Concerns: Policy uncertainty and migration losses weigh on the NZD, while the RBNZ governor's resignation adds to uncertainty.
Crude Oil: Falling oil prices (67 USD/barrel) limit NZD strength.
Technical Analysis:
Price Action: NZD/USD is consolidating near 0.5745 resistance.
A breakout above could target 0.581, but failure may see a drop to 0.5700 or 0.568.
Strategy: Sell near 0.577, target 0.568, stop loss above 0.581.
