30 Jul 2015
NZD/USD back below 0.6600; Correction over?
FXStreet (Córdoba) - The kiwi retreated for the second day in a row against the US dollar and broke an important short term resistance. NZD/USD moved all day with a bearish bias and bottomed during the American session at 0.6564, the same level it closed on Friday.
NZD/USD reverses
On Tuesday the pair rose to 0.6737 (2-week high), recovering further ground form multi-year lows but then lost strength, failed to hold above 0.6700 and pulled back. Today slide further and broke an uptrend line accelerating the decline below 0.6600.
The short term outlook was slightly favorable to the kiwi from a technical perspective, but after falling 150 pips from the highs, the bullish momentum faded. NZD/USD is now trading at 0.6590, after standing near an important support area located around 0.6550 (July 22, 24 low); a break lower could expose 2015 lows.
NZD/USD reverses
On Tuesday the pair rose to 0.6737 (2-week high), recovering further ground form multi-year lows but then lost strength, failed to hold above 0.6700 and pulled back. Today slide further and broke an uptrend line accelerating the decline below 0.6600.
The short term outlook was slightly favorable to the kiwi from a technical perspective, but after falling 150 pips from the highs, the bullish momentum faded. NZD/USD is now trading at 0.6590, after standing near an important support area located around 0.6550 (July 22, 24 low); a break lower could expose 2015 lows.