December 8, 2022

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NZD/USD slips below 0.6900 for the first time since November last year

1 min read

Commodity currencies stay pressured against the dollar

NZD/USD D1 20-07

The kiwi is the laggard on the day as it falls below 0.6900 to a low of 0.6896 against the greenback to start European morning trade.

The pressure is on now for commodity currencies as the charts are exposing technical vulnerabilities that could see a sharper decline take place in the sessions ahead.

NZD/USD is down to its lowest levels since November and there isn’t much support on the way down after the break below daily support from the 18 June low @ 0.6923.

There is the 61.8 retracement level of the swing higher from Sept last year to Feb this year @ 0.6876, but even then I would argue that it doesn’t pose massive significance.

As things stand, sentiment matters more and there are some real jitters out there, despite broader risk trades taking more of a breather for the time being.

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