The New Zealand dollar edges lower amid cautious market sentiment at the start of the week. The pair previously bounced off September 2020’s low around 0.6530.
However, 0.6700 on the 20-day moving average so far has proven to be a tough hurdle. A drop below the fresh support (0.6630) indicates that the directional bias remains bearish. And sellers would be eager to fade another rebound.
0.6590 is the closest support. A break below 0.6530 could trigger a new round of sell-off towards 0.6400.
