Sun, Nov 28, 2021 @ 08:21 GMT

NZD/JPY Seeks Support

The New Zealand dollar remains under pressure after disappointing retail sales in Q3.

The kiwi is seeking support after a surge above last May’s peak at 81.20 led the daily RSI into an overbought situation. Short-term sentiment remains bearish as the pair struggles to achieve a new high.

80.55 is a major resistance after the bulls’ multiple failed attempts. A bullish breakout may pave the way for a reversal towards 82.00. Otherwise, a drop below 79.50 would send the pair towards September’s high at 78.50.

 

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