NZD/USD recovers but consolidates weekly losses

NZD/USD is rising on Friday but is still headed toward a weekly decline. The pair currently trades at 0.6805/10, up less than 40 pips for the day.

The pair moved all day with a bullish bias, but price action remains limited across the forex market. It opened at 0.6765 and peaked during the American session at 0.6829, level located below Thursday’s highs.

NZD/USD: A moderate weekly loss

The kiwi lost ground against the US dollar during the last five days, trimming a third of the gains of the previous week. So far it was been able to hold above 0.6800, leaving the door open for more gains on a wider perspective.

Last week it jumped and reached 0.6966, the highest in 9 months and then started to retreat. The decline found support around the 0.6760 area, that capped the downside on Tuesday and Thursday. So far the correction seems normal, but if it takes the price under 0.6700, the kiwi could come under pressure.