Overall, NZD/USD is trending downwards. Recently, NZD/USD broke below the support zone of 0.71000 after the hawkish tone sent out by the U.S. Federal Reserve.
The New Zealand GDP q/q data (Actual: 1.6%, Forecast: 0.5%, Previous: -1.0%) released earlier today indicated a rebound in economic growth during the first quarter of 2021 from the previous quarter’s decline.
Currently, NZD/USD is moving towards the resistance zone of 0.72850 and the next support zone is at 0.69500. Look for short-term selling opportunities of NZD/USD if it rejects the resistance zone of 0.72850.