The NZDUSD broke below key support level of 0.6200 on the back of the stronger DXY overnight. The last time price broke below this level was in March 2020.
The NZD is likely to remain under pressure as recent data indicated a weaker than forecasted economy and the RBNZ's plan for further rate hikes is considered to be conservative compared to the Federal Reserve.
Further downside can be anticipated, expected significant volatility, as price trades towards the next support level of 0.6100.
The NZD is likely to remain under pressure as recent data indicated a weaker than forecasted economy and the RBNZ's plan for further rate hikes is considered to be conservative compared to the Federal Reserve.
Further downside can be anticipated, expected significant volatility, as price trades towards the next support level of 0.6100.
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