The New Zealand dollar was doing so well last week, moving up, including in the NZDUSD currency pair, but the pullback that followed on Monday seems to be dragging on, delaying the upward movement. Currently, sellers are trying to establish below 0.5920, and if they manage to go even lower to 0.5905, then the decline could continue towards 0.5890, 0.5875, and 0.5860. Holding below 0.5860 could lead to a drop in NZDUSD to 0.5845, 0.5830, and possibly even down to 0.5815 in this case, and further evaluation will be needed. If sellers are not able to establish below 0.5905-0.5920, then on a rebound, we can expect an attempt to rise towards 0.5935, 0.5950, and 0.5965 - a bounce and a new decline could occur from there. Holding above 0.5965 could lead to an increase in NZDUSD to 0.5980 and 0.6000, and then we will see how it goes.
