The New Zealand dollar bulls haven’t had much to celebrate lately and with another slump on Monday, it’s not looking much better going forward.
The kiwi dollar has fallen below the 200-day moving average and it was the weakest performing major on Monday. Support levels continue to break down with 0.6685 clearly in the headlights and the potential for 0.6196 if that gives way.
We have added the Bollinger Bands to the chart to show that the pair is becoming somewhat oversold. It would be no surprise to see a re-test of 0.7000 but we would be better sellers on any bounce. This chart is as bearish as any one out there.