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NZD/USD Hits Resistance

The New Zealand dollar weakened as the Q2 unemployment rate missed the mark. The pair has met stiff selling pressure at the daily resistance (0.6360) which was the start of the mid-June sell-off. As the RSI shows a double top in the overbought area, the bears may have doubled down in hope of a bearish continuation in the medium-term. 0.6190 is a key level to see whether there are follow-up bids. Failing that, the kiwi could tank towards 0.6140. The former support at 0.6290 has turned into a fresh resistance.

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