NZDUSD pair came under heavy pressure today, erasing recent gains as rising US bond yields helped USD recover some ground. US Treasuries sold off yesterday after news that President Biden will announce a $6 trillion budget for the fiscal year 2022. Technically looking at the H1 chart, the pair was unable to break above the resistance at 0.7310 and pullback occured. It is worth noting that the pair reached the key intraday support at 0.7245, which is marked with earlier price reactions and the lower limit of the 1:1 structure. If buyers manage to halt declines here, then another upward impulse may be on the cards. Otherwise, negation of the support may lead to bigger decline.
NZDUSD, H1 interval. Source: xStation5
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