NZD/USD is taking a peek back under 0.6400 in drop to session lows
The post-RBNZ bounce is proving to be short-lived and with price being unable to take out key technical levels on the rebound last week, the kiwi is staying pressured as we see more pessimistic risk sentiment in trading today.
Gains last week were limited by the 100-day MA (red line) and buyers were unable to contest the 0.6500 level, and the rejection there is bringing the pair back down towards a test of the year's lows near 0.6378-82 next.
A break below that will be a cause of concern for buyers as there is little support stopping a move towards 0.6300-20 potentially.
For now, it is still all about the risk mood and with the market feeling uneasy over the global implications of the virus outbreak, it spells trouble for the kiwi and a technical breakdown will only exacerbate conviction for a further move lower.
