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NZD/USD extends weekly gains after RBNZ signals possible further tightening
The RBNZ raised the Official Cash Rate by 25 bps on Wednesday and NZD/USD rose to about 0.5771, its highest since June 18.
NZD/USD kept climbing on Friday and was set for a second straight weekly advance after the Reserve Bank of New Zealand raised its Official Cash Rate by 25 basis points on Wednesday and indicated it may need further tightening. FXStreet said the pair was trading around 0.5771 after reaching an intraday high of 0.5794, its highest level since June 18.
The move followed a rebound from late-June lows, with NZD/USD having bottomed at 0.5626 in late June, its weakest level since November 2025. Technical conditions improved as the pair climbed above the 21-day Simple Moving Average near 0.5717 and as the Relative Strength Index recovered back above the neutral 50 level.
FXStreet also pointed to fading bearish momentum, noting the MACD histogram remained in positive territory. However, the article said NZD/USD still trades below a cluster of key moving averages, leaving upside constrained by near-term resistance including 0.5800 and the 50-day SMA around 0.5815, followed by the 200-day SMA near 0.5820 and the 100-day SMA near 0.5838.
On the topside, FXStreet flagged that a decisive break above those levels could open the door to moves toward 0.5900 and 0.6000. It also cited nearby support at the 21-day SMA near 0.5718, warning that dropping back below it would weaken the near-term bullish outlook and refocus attention on the 0.5626 late-June low.