Ella 
We expect NZD/USD to trade in the 0.5915/0.5965 range yesterday. However, NZD/USD traded as high as 0.5984 ahead of a strong close at 0.5980 (+0.55%). The rapid gain in momentum is likely to lead NZD/USD further higher towards 0.6000. The main resistance at 0.6040 is not expected to be threatened today. Initial support is at 0.5950, followed by 0.5930. The latter support level is more stable.
Outlook for the next 1-3 weeks: Yesterday (August 23rd, when the price was 0.5945), we stated that “the downward momentum has weakened further, and the probability of further weakness in NZD/USD is greatly reduced”, we also stated that “only a breakthrough of 0.5985 will be possible. Indicating that NZD/USD’s weakness has stabilized. Although our “strong resistance level” at 0.5985 has not yet been clearly broken, the downward momentum has more or less weakened. NZD/USD seems to have entered a consolidation phase and may currently trade between 0.5910 and 0.6040 range fluctuations.
