NZD/USD (a 4-hour chart)
The NZD/USD edged lower amid a stronger dollar. Meanwhile, oil prices weakening weigh on commodity currencies – like the kiwi.
The NZD/USD pair turned positive on Wednesday. An overnight rebound lifted the kiwi out of the red. The
MACD traded to the downside. The RSI indicator left the overvalued readings and entered the neutral area.
We expect the NZDUSD pair to return to the support 0.6950 in the short-term. In this scenario the spot may continue its decline towards 0.6900.