The New Zealand Dollar (NZD) against the US Dollar (USD) pair, also known as Kiwi, is currently testing a key resistance level which is now acting as support. This important technical development is being closely monitored by traders and investors.
The NZD/USD pair has been trading within a range, with the recent price action showing a bounce off the key resistance level. This bounce suggests that the resistance has now turned into support, indicating a potential shift in market sentiment.
Traders are keeping a close eye on this development, as a successful test of the support level could lead to further upside movement in the pair. On the other hand, a failure to hold above the support level could signal a reversal and a potential downtrend in the near future.
Overall, the NZD/USD pair is currently in a critical stage where the retesting of the key resistance as support will determine the next direction of the pair. Traders are advised to monitor the price action closely and adjust their positions accordingly.