NZD/USD continues its fall towards the 0.6300 level

NZD/USD D1 21-02

The kiwi is not getting any reprieve over the past week or so as the technical breakdown continues on its way towards the 0.6300 handle today.

Risk appetite in the market remains more sour to start the session and with Treasury yields and US futures down to session lows, it isn't helping with risk trades at the moment.

The NZD/USD chart is pretty much a case of one slippery slope after another and with the aussie also breaking down to fresh 11-year lows, now isn't really the time to try and pick a bottom in the kiwi as well.

Much like the aussie, the turnaround in the pair will come when it comes. In the sense that traders have to look out for two things.

The first being a shift in the near-term bias, which just isn't there at the moment as price is in free-fall towards 0.6300. The second being a shift in market sentiment, which also isn't there as risk is off amid coronavirus worries ahead of the weekend.

As such, now still isn't the time to be catching the falling knife that is the kiwi. The path of least resistance remains lower until something changes.

Further support below 0.6300 can be seen around 0.6270-80 next before sellers will be eyeing a move towards last year's low @ 0.6204.