The NZDUSD fell sharply this week following the dovish RBNZ rate cut, which included a surprise downgrade in the central bank’s rate path expectations. The move lower drove the pair away from its 100-hour moving average, breaking below the 38.2% retracement of the April-to-July rise and undercutting the key swing area support at 0.5845–0.5860, which had acted as a solid floor earlier in the week.
The decline extended to a weekly low near 0.5800, with today’s trough at 0.5799, just below the 50% midpoint of the April recovery at 0.5802. That level held as support, and the pair reversed higher in the wake of Powell’s Jackson Hole speech.
The rebound carried NZDUSD back above several key hurdles: the 200-day moving average at 0.5826, the former swing floor at 0.5845–0.5860, and up toward the 38.2% retracement at 0.5877. Holding above these reclaimed levels keeps the door open for further upside probing, with buyers regaining near-term control after a volatile week.
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Close support is back at the swing area down to 0.58455.
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