NZD/USD Drops Back to 0.6900 Handle
Tracking weakness across other major currencies on Thursday, the NZD/USD pair dropped back to 0.6900 before registering a minor pull-back to 0.6936 early during Asian session.
Further downside risk persists below 0.6900 mark
As
the day progressed, fresh selling pressure took the pair back towards
0.6900 handle support marking 50% Fibonacci retracement level of
0.6759-0.7054 April month up-swing. Weakness below 0.6900 mark should
continue exerting pressure on the pair, initially towards 61.8%
Fibonacci retracement level support near 0.6875-73 before heading
towards a strong horizontal support near 0.6850 level.
Meanwhile
on the upside, day's peak near 0.6940, marking 38.2% Fibonacci
retracement level, might continue to restrict any immediate recovery.
Above 0.6940 resistance, bulls are likely to aim 23.6% Fibonacci
retracement level resistance near 0.6980-85 region.
