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NZDUSD Correction to the Uptrend

12/21/2022 1:15 PM

The NZD/USD pair failed to consolidate above 0.6500 and is correcting towards the support level of 0.6285.

The depreciation of the New Zealand dollar was caused by negative national statistics: Manufacturing PMI in November amounted to 47.4 points and was worse than the previous value of 49.3 points, the Q4 Westpac consumer sentiment indicator reached 75.6 points, below 87.6 point earlier, and the December business confidence index from the Australian and New Zealand banking group ANZ fell even more, to –70.2 points, which is worse –57.1 points last month.

The nearest target of the corrective decline is the support level of 0.6285, if it is broken, the movement will continue with the targets at 0.6185 and 0.6085, if they are held, the quotes may rise with the target at the December high of 0.6500.

Last week, buyers reached the target zone 7 (0.6506–0.6492) as part of the medium-term uptrend, after which a correction began, in which the price tested the key trend support 0.6333–0.6315. In case of consolidation below it, the target for sales will be zone 2 (0.6153–0.6135).

Resistance levels: 0.6400, 0.6500, 0.6600. | Support levels: 0.6285, 0.6185, 0.6085.

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