The New Zealand Dollar (NZD) has extended declines into Tuesday sessions falling from 0.4615 (2.1680) to 0.4590 (2.1800). The lowest weekly close since Brexit in June 2016 was 0.4565 (2.1900) in the cross, we expect this level to come into play over the short term as we head into next week’s Bank of England (BoE) policy announcement when we expect interest rates to cut from 5.00% to 4.75%.
Current Level: 0.4588
Resistance: 0.4650
Support: 0.4565
Last Weeks Range: 0.4609- 0.4677