Kiwi Falls as NZD/USD Reverses Course

The New Zealand Dollar (NZD) has taken a turn for the worse against the US Dollar, shedding 0.11% in value on Friday.

This reversal is a continuation of a downward trend that started when the Fed raised interest rates for the first time in three years.

According to technical analysis, the NZD/USD pair must break through the 0.5700 resistance level before a bearish continuation can be expected.

If this threshold is cleared, it could expose the July 8 daily low of 0.5671 and even push the pair down to its year-to-date low of 0.5626.