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NZD/USD Tests Resistance

The US dollar whipsawed as high inflation persisted in September. On the daily chart, the pair has taken a breather after the RSI went deeply into the oversold area. Sellers’ profit-taking would not be enough to lift the kiwi in a meaningful manner. Stiff pressure could be expected near the support-turned-resistance at 0.5700 which sits on the 20-day moving average, making it a congestion area. Sentiment would turn around only if 0.5810 is out of the way. On the downside, March 2020’s low at 0.5500 is a critical floor.

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