HomeContributorsTechnical AnalysisNZD/USD Breaks Major Support

NZD/USD Breaks Major Support

The New Zealand dollar remains under pressure as risk assets suffer from the omicron variant scare. A break below the daily support at 0.6860 has put the buy-side on the defense.

Sentiment has become increasingly downbeat after the pair fell past last August’s low at 0.6805, which is a second line of defense on the daily chart. 0.6700 would be the next support.

The RSI’s repeatedly oversold situation has caused a temporary rebound. But buyers will need to clear 0.6890 before they could turn the tables.

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