The New Zealand dollar softens as markets remain gripped by growth fears. The fall accelerated following the kiwi’s failure to bounce at May 2020’s low (0.5930). The bearish inertia and pessimism may continue to drive the price south. The RSI’s oversold condition could trigger sporadic bounces. 0.5740 is a resistance where the bears could be eager to sell into strength. A struggle to break higher would show a lack of sustained buying interest and the pair may drift towards 0.5600 and then March 2020’s lows around 0.5500.
