The risk-sensitive New Zealand dollar swings up as the ‘risk-off mood recedes. The pair has found support along with the 30-day moving average, above the demand zone around 0.7120.
An oversold RSI could have led the sell-side to take profit at the support, turning the price around in the process. However, the kiwi faces multiple technical headwinds.
The bulls will need to close above 0.7240 to regain the upper hand. Then 0.7305 is another key resistance. 0.7045 is the second support in case of a bearish breakout.
