NZD/USD Price Analysis: Refreshes weekly low below 0.6450 on consolidation breakdown

• NZD/USD has refreshed its weekly low around 0.6440 amid negative market sentiment.
• The Kiwi asset has delivered a breakdown of the consolidation and a Rising Wedge pattern.
• A slippage of the RSI (14) into the 20.00-40.00 range has weakened the New Zealand Dollar.

The NZD/USD pair has printed a fresh weekly low at 0.6440 in the Asian session as investors’ risk-taking ability has faded dramatically. The Kiwi asset has been dumped by the market participants as the US Dollar Index (DXY) is advancing vertically.

The risk aversion theme is impacting risk-sensitive assets like S&P500 futures, which have surrendered their entire gains recorded in Asia and have resumed their downside journey. Volatility in the market has accelerated ahead of the interest rate decision by the Federal Reserve (Fed).