NZD/USD lacks follow-through selling below 0.6300

 

NZD/USD is still trading in a defensive position below the 0.6300 line, and there is a lack of follow-through selling. On Tuesday, the NZD/USD currency pair could not capitalize on the bullish rise that occurred the previous day, and there was some selling activity in the area around the 0.6300 level. The team has been trading at lower levels during the early part of the European session and has dropped to a new daily low, hovering around the 0.6270 level over the last hour.

The recent bullish surge in the markets has been kept in check by growing concerns about a worldwide economic slowdown. These concerns and tensions between the United States and China about Taiwan operate as a headwind for the risk-sensitive New Zealand Dollar. Despite this, a more bearish sentiment around the US currency supports the NZD/USD, which should assist prevent any further losses.

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