NZD/USD has underperformed AUD/USD quite a bit (see AUD/NZD rally since late 2021), and this continues to be the case today as the pair closed below the key support at .6060. This bearish breakdown should target the 127% extension (.5949) of the July 14 to Aug. 10 rally. The risk for bears near term is that EUR/USD continues to hold support, GBP/USD is near channel support and AUD/USD has a lot of support, too. However, any broad based USD strength and NZD/USD could be the leader lower once again.
Chart Of The Day: NZD/USD
