NZD/USD: daily update
NZD/USD made a spectacular decline this week. Kiwi is trading by about 260 pips below Monday’s high at $0.8162. Today New Zealand’s dollar dropped below support at $0.7950 and the lower border of the H4 Ichimoku Cloud in the $0.7900 area. Despite the oversold condition, the picture on this timeframe looks pretty negative.
Chart. H4 NZD/USD
The daily chart offers support at $0.7870, $0.7837 and $0.7800. The main short-term resistance now is at $0.7950.
ANZ: “Current slippage below 0.8100 highlights risk of a reversal of the recent rally (confirmed below 0.8000) and leave NZD at risk of retesting 0.7700 or even the 0.7600 level.”
Chart. Daily NZD/USD