FXstreet.com (Barcelona) - The New Zealand Dollar is attempting a recovery move after yesterday's sold off on dovish comments by the RBNZ suggesting more rate cuts.
New Zealand Dollar fell from levels at 0.5720 in late U.S. trading session to 0.5530 low on early European session. The pair, ever since, has recovered during the European session reaching levels at 0.5640.
At the moment, the pair trades right below the 20 SMA at 0.5635, and above here, the NZD could find resistance at 0.5680 and yesterday high at 0.5735. Once above here, resistance level at 0.5800 would be on sight.
On the downside, potential support could emerge at 0.5550 and below here, 0.5470 (Mar 18 high) and then at the 0.5325/35 area.