NZD/USD started to recover ground from multi-year lows during yesterday’s American session and continued on Asian hours. Below 0.7300 the pair found resistance and then stabilized, but recently weakened and broke below 0.7265, falling to 0.7238.
Currently the pair trades at 0.7250/60, 20 pips above Thursday’s low and 0.10% lower for the day. During the week it has fallen almost 200 pips so far and is about to post the lowest weekly close since September 2010.
NZD/USD outlook
The kiwi remains under pressure against the US dollar amid monetary policy divergence expectations between the Federal Reserve and the Reserve Bank of New Zealand. From a technical perspective the NZD/USD pair continues to move within a downtrend in the short and the long term.
Out of the last eight trading days, the pair reached multi-year lows in seven. It accelerated the decline after breaking below 0.7600 (key support) two weeks ago.
Currently the pair trades at 0.7250/60, 20 pips above Thursday’s low and 0.10% lower for the day. During the week it has fallen almost 200 pips so far and is about to post the lowest weekly close since September 2010.
NZD/USD outlook
The kiwi remains under pressure against the US dollar amid monetary policy divergence expectations between the Federal Reserve and the Reserve Bank of New Zealand. From a technical perspective the NZD/USD pair continues to move within a downtrend in the short and the long term.
Out of the last eight trading days, the pair reached multi-year lows in seven. It accelerated the decline after breaking below 0.7600 (key support) two weeks ago.
