NZD/USD chart - Trading View
NZD/USD was trading 0.42% lower on the day at 0.7222 at around 09:15 GMT, after closing 0.22% lower in the previous session.
Fitch Ratings agency raised its forecasts for the kiwi dollar citing effective covid containment and robust policy support.
Fitch Ratings suggested that the kiwi will average 0.7434 vs. the US dollar over the remainder of 2021.
It noted that monetary policy in New Zealand is looking likely to tighten earlier relative to the United States, which will put appreciatory pressure on the New Zealand dollar.
NZD/USD largely ignored Fitch report, trades weaker amid broad-based U.S. dollar recovery.
Price action has slipped below 200H MA raising scope for further downside. Major trend is bullish and hence pullbacks are likely to be shallow.
The pair is now hovering around 21-EMA support, break below will drag prices lower. Next major support is seen at 55-EMA at 0.7188.
