The NZDUSD is down -3.47%, marking its largest single-day decline since at least the end of 2012. Even during the height of the 2020 pandemic, the worst daily drop was -3.39%—today’s move surpasses that, making it the steepest fall in over 12 years.
On the daily chart, yesterday’s high briefly pierced the 38.2% retracement of the decline from the September 2024 high, reaching 0.58522, just above the retracement level at 0.58448. However, buyers failed to hold that breakout, and price quickly rotated back to the downside.
China’s retaliatory tariffs added fuel to the selloff, driving NZDUSD sharply lower to test key support at 0.5583—a level defined by the February 4 and 28 lows. Today’s session low reached 0.5571, with price currently trading at 0.5591.
What’s next?
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Break below 0.5583 opens the door to further downside, with targets at:
• 0.5541 (January low)
• 0.5515 (early February low) -
Hold above 0.5583 and a rebound becomes possible. Initial resistance comes in at 0.5647 (March 31 low)
NZDUSD falls sharply today. Price down -3.47%. Largest decline going back to 2012
