The New Zealand Dollar fell 0.12% against the USD as hawkish Fed remarks and geopolitical risks bolstered the Greenback.
The NZD/USD pair retreated 0.12% to 0.5754 during Monday’s session, pressured by a stronger US Dollar amid hawkish Federal Reserve commentary and rising geopolitical tensions. The pair remains below its 200-day Simple Moving Average (SMA) at 0.5819 for the 25th straight trading day.
Despite the Reserve Bank of New Zealand’s recent rate hike and hints at further tightening, technical indicators suggest a downward bias. The Relative Strength Index (RSI) signals consolidation, with bears targeting a break below the 0.5700 psychological level. Support lies at the July 8 low of 0.5672, followed by 0.5650.
Resistance levels include the July 10 high at 0.5794 and the 50- and 200-day SMAs near 0.5812-0.5819. A breach above could test the 100-day SMA at 0.5835.