- The kiwi remains under pressure against the US dollar still above the key support area.
- NZD / USD Finds Support Above Recent Lows; The bearish bias prevails.
The NZD / USD it is falling on Thursday amid a stronger US dollar and risk aversion. The fall, like last week, found support above the 0.6920 zone (June lows). A firm break below that zone should lead to a test of 0.6900 and further losses without much support at 0.6790.
The pair continues to move sideways between 0.7100 and 0.6900 with a bearish bias. A recovery above the 20-day simple moving average at 0.7120 would ease the negative tone.
Technical indicators are also skewed to the downside. Still, the price must break the critical area of 0.6920 (or 0.6900 for stronger confirmation), to clear the way for an extension of the decline. Furthermore, the 55-week moving average is around the aforementioned area. Therefore, a weekly close below should also point to more losses.
Daily chart
Technical levels
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