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.