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Forex

NZD/USD Slides Amid Fading Peace Deal Hopes

Guavy AI Editorial Team
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USD NZD
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The New Zealand Dollar (NZD) has continued to decline against the US Dollar (USD), falling for the second consecutive day as market confidence is hurt by fading hopes of a swift peace deal in Iran.

The NZD/USD pair remains within its last two weeks' trading range, but attention is now focused on the 0.5850 support area, which is close to being reached.

Hawkish comments from Cleveland Federal Reserve President Beth Hammack helped offset the negative impact of a weak US Nonfarm Payrolls report on Monday and provided some support to the USD.

The technical analysis suggests that bears are likely to face significant hurdles at the 0.5850 support area, as well as at the confluence of the key 200-day SMA with the uptrend support line around 0.5825.

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