The New Zealand dollar has been a rock but finds itself on the back foot today

Technical Analysis

Author: Adam Button | nzdusd

NZD is the laggard today

NZD is the laggard today
The New Zealand dollar has been a strong performer since the pandemic lows, even last week it made some headway despite the turmoil.

Today the weight of risk aversion has finally spread to FX risk trades and it's getting hit hard. It's the laggard in major FX today, down 1.4% against the surging US dollar. That leaves a three-candle reversal on the chart and a potential double top at 0.6800.

On the downside, the September low of 0.6600 is suddenly critical. A break below would confirm the double top and signal the start of a retracement period.
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