NZD/USD: bearish week

NZD/USD plummeted during the Thursday session, breaching below the most recent low at $0.7760 and testing the $0.7700 mark. Kiwi found some support here and recovered to $0.7760 on Friday.

The pair looks strongly bearish, given the hawkish Fed and the current state of the commodity markets. Daily MACD divergence and oversold market conditions create space for a higher retracement, but kiwi is very unlikely to close the week above $0.7800. Our medium term target lies at $0.7450.

Resistance: $0.7800/10, $0.7900, $0.7950

Support: $0.7740, $0.7710/00 

Chart. H4 NZD/USD

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