Forex
NZD/USD Reversal Pushes Kiwi Under Pressure
The NZD/USD pair has reversed its trend from 0.5787 as sellers regained control, pushing the Kiwi dollar under pressure. The Relative Strength Index (RSI) is nearing oversold territory, reinforcing downside momentum.
A break below 0.5700 exposes the July 8 daily low of 0.5671 and the year-to-date (YTD) low of 0.5626. On the other hand, if NZD/USD rises past 0.5750, it opens the door to test 0.5800.
The New Zealand dollar turned negative on the day, down 0.11% against the US Dollar, following the Fed's first rate hike in three years, which underpinned the Greenback against most G8 FX currencies.