NZDUSD struggled with strong profit-taking from near the major long-term resistance zone. 0.7450-0.77 zone that we talked about in our earlier post showed its strength again.
With the pressure from this zone, the kiwi broke the bullish trend which started ,n March 2020 and fell sharply. Currently, price is testing the Fibonacci %23.6 level, 0.6994 support. If NZDUSD can stay above this support, kiwi may get a short-term correction to 0.71. But below this support, bearish pressure may continue and 0.68 can be the next target for downward moves.
