NZDUSD falling on risk-off sentiment.
NZDUSD under the bearish pressure today as multiple equity markets are trading in the red – after U.S. President Joe Biden said that China was poised to “eat our lunch,” raising concerns of renewed strain on China -U.S. relations. This was preceded by words of the Chinese President Xi Jinping which he told his US counterpart Joe Bide that confrontation between China and the US would be a “disaster”. The increased possibility of the tensions between the two worlds leading economic powers is darkening the otherwise positive market mood on ample evidence the mass vaccination programmes globally are having the beneficial effect on Covid-19 infection and death rates. Earlier reversal from technical resistance level 0.7250 added to the bearish pressure on NZDUSD.
Expect sellers on upward corrections.
Next support to watch – 0.7140
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