NZD/USD Weighed By Bearish MA Cross

The New Zealand dollar is still struggling near its five-week lows as the appetite for growth-sensitive currencies fades.

The kiwi has had a timid rally after the RSI went sharply into an oversold situation. It was probably due to profit-taking rather than fresh dip-buying.

Buyers’ failure to hold onto 0.7000 suggests a lack of commitment after the daily chart showed a bearish MA cross.

0.6940 is the immediate support and a bearish breakout could trigger a new wave of sell-off towards 0.6900.

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