The New Zealand dollar falls back as risk appetite subdues. The pair hit resistance under the psychological level of 0.7000 after it broke to a new high.
The RSI’s overbought condition in this supply zone led buyers to take profit, driving the kiwi lower momentarily. Trend followers may see the retracement as a buying opportunity.
Sentiment would stay bullish as long as the pair is above the previous low at 0.6880. A bearish breakout may dent short-term optimism and send the kiwi to 0.6790.
