Chart of the day: NZDUSD (09.07.2021)

8:12 AM 9 July 2021

Antipode currencies are under pressure today as the spread of the new COVID-19 variant spooked markets and their outlook for the economic recovery. Yesterday the NZDUSD pair dropped below 0.70 level and the downward move is being continued today. Currently the pair is testing major support at 0.6945 which is marked by the lower limit of the 1:1 structure and previous price reactions. In case of breaking below it, downward move may accelerate towards support at 0.6773. On the other hand, if buyers will manage to halt declines here, the nearest resistance lies at the downward trendline.

NZDUSD, D1 interval. Source: xStation5

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