NZDUSD falls on soaring COVID-19 cases.
NZDUSD under the strong bearish pressure today – as soaring COVID-19 cases offset investor hopes of a quick economic recovery, even after data showing that the Chinese economy recovered faster-than-expected in the last quarter of 2020. China reported more than 100 new COVID-19 cases for the sixth consecutive day, with rising infections rising concern of another wave in China. Tough new controls imposed already brought the total number of people under lockdown to more than 29 million. The is echoed by United States and Europe, where the spread of coronavirus has hit consumer spending, highlighted by dismal U.S. retail sales reported on Friday. The resultant deterioration of the risk sentiment boosted the safe-haven U.S. dollar – triggering short covering in multiple USD linked pairs.
Expect sellers on upward corrections.
Next support to watch – 0.7080
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