NZDUSD is under selling pressure for the fifth day in a row as the USD gains momentum across the board. The global sell-off in equities continues today as the coronavirus outbreak pushes global economies in recession. The strength in the U.S. dollar drives the USD index above the 100 mark. The NZD makes fresh 11-year lows today against the U.S. dollar.
On the technical side, the picture has deteriorated as the pair makes consecutive lower lows and lower highs, so we can’t rule out lower levels despite the pair has entered oversold area. On the downside, immediate support stands at 0.5817 the daily low. The next support for NZDUSD will be met at the 0.5800 psychological mark. On the upside, first resistance stands at 0.5966, the daily top. More sellers might emerge at 0.6094 the high from yesterday’s trading session. In case of a credible break above, the next resistance will be met at 0.6130, the high from March 16.