NZD/USD Price Analysis: Time for a bumpy ride ahead below 0.6100 ahead of US GDP NZDUSD RBNZ GDP SupportResistance ChartPatterns
and a sell-off in the New Zealand Dollar over a headline that the Reserve Bank of New Zealand has considered the qualitative easing proposal citing that current restrictions may be unnecessarily reducing efficiency as risks to financial stability are lower.
NZD/USD is making a Head and Shoulder chart pattern on a daily scale, which signals a long consolidation, and a breakdown of the same results in a bearish reversal. Broadly, the New Zealand Dollar will remain safe if it manages to sustain above the horizontal resistance plotted from March 08 low at 0.6084.
Meanwhile, the Relative Strength Index is on the edge of the bearish range of 20.00-40.00. A slippage inside the same will activate the downside momentum.
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