FX.co ★ Technical analysis on NZDUSD for May 16th, 2023.

Black line -resistance trend line

Green line- support trend line

Yellow rectangles- rejections

NZDUSD is trading around 0.6230. Recent price action has confirmed the importance of the resistance at 0.6380. Price reached for the third time this price level and got rejected once again. Price is now under pressure again but continues to hold above the horizontal support trend line at 0.6109. Price is mostly moving sideways over the last few months with no clear direction. A trading range between 0.61 and 0.6370 has been formed. Traders better be cautious and patient. Better wait for a break out above or below the key resistance and support levels. The RSI is in the middle of its range also confirming the indecisiveness of the trend.