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The NZD/USD pair entered a bearish cycle in the early European session on Monday, surrendering the 0.6800 mark as it lost some of the gains accrued last week.
The forex pair failed to capitalize on the goodish bounce from last week after meeting fresh supply around the 0.6825 top and got held back by a combination of fundamental factors. Firstly, the growing uncertainty over the impact of the increasing number of COVID-19 cases quelled optimism over the recent discovery that the Omicron variant might not be as severe as previously believed. Consequently, it hampered investors’ risk appetite and acted as an anchor for the risk-loving Kiwi.
That said, the risk-off market sentiment, indicated by a softer tone around the equity markets, attracted some safe-haven inflows into the greenback, which remained buoyed by the hawkish Fed outlook. As reported previously, the US Federal Several asserted in its last meeting that it plans on implementing at least three rate hikes in 2022. That said, a stronger USD also extended bearish pressure on the NZD/USD pair
Further Downside Possible for NZD/USD as Market Conditions Support Bears
Nonetheless, an additional downside for the NZD/USD pair remains limited amid the absence of investors willing to place aggressive bets as we draw closer to the end of the year. Also, the absence of any market-moving economic data release this week contributed to the absence of volatility to drive prices in either direction.
Regardless, the bias surrounding Kiwi remains tilted in favor of bears, which means that the forex pair is unlikely to record a sustained push above the $0.6800 resistance in the near term.
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