NZD/USD Price Analysis: Sets for a further breakdown below 0.6170 NZDUSD Inflation ChartPatterns SupportResistance DollarIndex
A recovery attempted by NZD/USD looks less confident as investors are losing hope in China’s economic recovery.A successful breakdown of the Rising Channel pattern has pushed the Kiwi asset into a bearish trajectory.has attempted a recovery move after printing a fresh two-week low near 0.6170. The recovery move by the New Zealand Dollar looks less confident as investors are losing hopes of economic recovery in China despite dismantling lockdown curbs by the administration.
It is worth noting that New Zealand is one of the leading trading partners of China and weak demand in China would also impact the New Zealand Dollar. The Relative Strength Index has shifted into the bearish range of 20.00-40.00, which indicates that the downside momentum has been triggered.
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