NZDUSD:- Violent Rejection Off Major Resistance Level
NZD/USD:- The New Zealand Dollar, alongside the other major currency pairs, has taken a beating in the previous weeks after falling from its highs of 0.7400 in April to rebound from a newly formed Lower Low, 0.66890. The weekly candlestick may have given traders optimism leading into a new week after selling pressure looked to be relieved for the first time in 3 weeks after breaking back below the 0.6850 Major key level.
Having broken and retest in the previous days, Wednesday has a seen a sharp sell-off from this level once again. The immediate support region currently lies at 0.7680 which could see the pair begin a recover and reject this region and continue the higher timeframe bias.
Alternatively, a break back below this level may see a retest of the previous lows trading back below 0.6700. After such a sustained period of weakness, the NZD alongside the other major currencies may be preparing for a recovery.