NZD/USD under pressure, a breach of 0.7100 on cards?

A renewed selling-wave hits the NZD in the mid-Asian trades, now sending NZD/USD back in the red towards 0.71 handle.

NZD/USD attacks 0.7100

Currently, the NZD/USD pair drops -0.11% to 0.7113, on its way to test daily lows struck at 0.7103. The Kiwi attempts a minor-correction after four straight sessions of gains, driving the major slightly lower from fresh weekly highs reached a day before at 0.7130.

The NZD/USD pair reversed a part of the previous rally and now remains in the red amid not so favourable risk environment as markets turn cautious after mixed Brexit polls outcome conducted late-Monday evening.

Next in focus for the pair remains the Fed Yellen’s testimony, while the Brexit news flow will continue to garner a lot of attention across the fx board.

NZD/USD Levels to consider

To the upside, the next resistance is located at 0.7125/26 (daily & Jun 10 high), above which it could extend gains to 0.7153 (multi-month highs). To the downside immediate support might be located at 0.7082/60 (5 & 10-DMA) and from there to at 0.7000 (June 9 Low).