12 May 2014
NZD/USD hits fresh lows, approaches 0.8600
FXStreet (Córdoba) - The recovery of the NZD/USD proved to be short lived and after Wall Street opening weakened and fell toward 0.8600. After reaching at 0.8635 a fresh high the NZD/USD turned to the downside and fell, bottoming at 0.8607, the lowest price since last Friday.
Price remains near the lows, currently at 0.8615, at the same price it closed on Friday.
NZD/USD technical outlook
The pair continues to move with a bearish bias, reversing after climbing last Tuesday to 0.8779, the strongest level since August 2008. In three trading days the Kiwi erased monthly gains and has approached a key support level located above 0.8500.
To the upside immediate resistance could be located at 0.8650/55 and above here at 0.8700 followed by 0.8740.
Price remains near the lows, currently at 0.8615, at the same price it closed on Friday.
NZD/USD technical outlook
The pair continues to move with a bearish bias, reversing after climbing last Tuesday to 0.8779, the strongest level since August 2008. In three trading days the Kiwi erased monthly gains and has approached a key support level located above 0.8500.
To the upside immediate resistance could be located at 0.8650/55 and above here at 0.8700 followed by 0.8740.