The New Zealand dollar struggles as the RBNZ postpones its rate hike against expectations.
The pair had failed to push above the supply area near 0.7100 from the daily chart. The RSI’s double top was a sign of overextension.
The sell-off below the psychological level of 0.7000 and then 0.6960 indicates that sentiment has turned sour. A recovering RSI could be an opportunity to sell into strength.
A break below 0.6890 may extend the sell-off towards 0.6700. 0.7030 is the first resistance in case of a rebound.
