16 Jul 2014
NZD/USD in free fall, 0.87 gets hit
FXStreet (Bali) - NZD/USD keeps printing lower lows intraday, with the latest action removing another area of support at 0.8720, pushing the rate en-route to 0.8700 round number.
The decline seen in the last few minutes comes as a response to a counter-intuitive move on Chinese GDP, which despite coming above market expectations, was not enough to produce any sort of recovery in the AUD, which fell towards 0.9340, dragging with it the Kiwi.
According to Jim Langlands, Founder at FXCharts: "Below 0.87 would suggest 0.8670 (38.2%)...", while on the upside, any pick up in prices will now face 0.8720 as immediate resistance ahead of 0.8760 supply zone.
The decline seen in the last few minutes comes as a response to a counter-intuitive move on Chinese GDP, which despite coming above market expectations, was not enough to produce any sort of recovery in the AUD, which fell towards 0.9340, dragging with it the Kiwi.
According to Jim Langlands, Founder at FXCharts: "Below 0.87 would suggest 0.8670 (38.2%)...", while on the upside, any pick up in prices will now face 0.8720 as immediate resistance ahead of 0.8760 supply zone.