FX.co ★ Technical analysis on NZDUSD for May 19th, 2023.

Black line- resistance

Yellow lines- rejections

Green line- support trend line

NZDUSD is trading around 0.6285. Price is trading between the key resistance of 0.6380 and the key support at 0.6110. Price has made no real progress over the last 3 months. So far price has been rejected three times at 0.6380 and two times support at 0.6080-0.61 has been tested and respected. As long as price remains inside this trading range we need to be extra cautious. Traders need to remain patient until price breaks above or below the key levels we noted above. The RSI is in the middle of the range confirming the indecisiveness of the pair.