NZDUSD has been in a steady downtrend throughout 2023, posting a fresh one-year low of 0.5772 on October 26. Although the pair showed some signs of life lately, its rebound fell short around the 0.6000 handle, with the 50-day simple moving average (SMA) pausing the setback for now. Should the price bounce off its 50-day SMA and storm back higher, immediate resistance could be found at 0.5952, which is the 23.6% Fibonacci retracement of the 0.6536-0.5772 downtrend. Piercing through that wall, the pair might challenge the 38.2% Fibo of 0.6064 before the 50.0% Fibo of 0.6154 gets tested. Further advances could then ... (full story)