The NZD/USD pair tumbles to near 0.6130 in Friday’s European session.
NZD/USD slides further to 0.6130 as the Fed ’s hawkish outlook dampens the market mood. The Fed signaled one rate cut this year amid uncertainty over the inflation outlook. NZD/USD fails to deliver an Inverted H&S breakout. The Kiwi asset faces an intense sell-off as the US Dollar strengthens due to the Fed eral Reserve’s hawkish interest rate outlook. The US Dollar Index , which tracks the Greenback’s value against six major currencies, jumps to 105.70, the highest level seen in a month.
NZD/USD faces selling pressure above 0.6200 while attempting to deliver a breakout of the Inverted Head and Shoulder chart pattern formed on a daily timeframe. The neckline of the above-mentioned chart pattern is marked near 0.6215. The asset has declined slightly below the 20-day Exponential Moving Average near 0.6130. A decisive break below the same would weaken its near-term outlook. The 14-period Relative Strength Index falls back into the 40.00-60.
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