A new round of lockdowns across Australia is taking a toll on its neighbor.
Indeed, the kiwi has met stiff selling pressure at 0.7100. The latest drop below the psychological level of 0.7000 may have put a dent in buyers’ optimism.
The RSI is rising back from an oversold situation. Profit-taking may lead to a limited rebound. The bulls will need to push through 0.7050 to reverse their predicament. A fall below 0.6960 however, may shatter the hope for a rebound and trigger a new round of sell-off as buyers scramble to get out.
