The kiwi has been on a downward slope since the 2021 high at 0.74670. This slope has made price reach a new low at 0.5972 which is currently a two-year low. Despite heightened inflation across the nations of the world including the United States, the US Dollar has proven to be stronger than other currencies including the New Zealand Dollar.
NZDUSD opened in 2022 at 0.68442. The currency pair went bearish for the first few weeks of the year after which the bulls found momentum. In February, the bulls were able to get Kiwi to rally to 0.70300, which was hit on the 5th of April and currently stands as the year’s high. But this bullish rally proved to be just a correction as the trend on NZDUSD reversed after price hit the year’s high.
NZDUSD is currently on a bearish run which is a continuation of the downward trend of 2021. RSI shows no indications that price has been oversold on the larger timeframes. Although, price is currently in the lower regions of the Bollinger Bands. We might be seeing a rally in the next few weeks as price could reach 0.61600 from the current price at 0.59774.
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